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Report: Shinhan Financial bids for stake in Indonesian consumer finance company

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Report: Shinhan Financial bids for stake in Indonesian consumer finance company

South Korea's Shinhan Financial Group Co. Ltd. is bidding for a stake in PT BFI Finance Indonesia Tbk that was put up for sale by Trinugraha Capital, the Seoul Economic Daily reported March 7, citing industry sources.

The group's Shinhan Bank Co. Ltd. and Shinhan Card Co. Ltd. units are jointly bidding for a 42.8% stake in the Indonesian consumer finance provider, which is valued at more than 500 billion South Korean won.

Shinhan Financial is targeting acquisitions of nonbank financial institutions in markets with relatively low local regulatory hurdles, the publication said.

In January, Shinhan Card agreed to buy 100% of Prudential Vietnam Finance Co. Ltd., the Vietnamese consumer finance business of Prudential Plc, for US$151 million.

As of March 7, US$1 was equivalent to 1,068.33 South Korean won.