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Indonesian conglomerate buys 51% stake in Bank Ina Perdana

Indonesian conglomerate Salim Group has acquired at least a 51% stake in local lender PT Bank Ina Perdana Tbk for an estimated 570 billion Indonesian rupiah, The Nikkei reported May 30.

The group acquired the stake through affiliates that subscribed to new shares issued by the bank. The acquisition marks Salim Group's return to the banking industry since losing the ownership of PT Bank Central Asia Tbk to the Indonesian government in the wake of the 1998 Asian financial crisis.

Salim plans to use its majority stake in Bank Ina Perdana to venture into digital banking, according to the report. It plans to integrate services offered by the bank with that of its other operations to come up with new offerings, such as peer-to-peer money transfers and loans.

It has also partnered with Tokyo-based startup Liquid to develop a fingerprint recognition technology that will be used in paying for purchases at its convenience store chain, Indomaret. Salim intends to introduce the technology on a trial basis to its employees in the second half of 2017. Indomaret stores will also act as bank branches once the group rolls out other financial services.

Edy Kuntardjo, president of Bank Ina Perdana, said the bank expects to roll out some of the new services in 2018, subject to regulatory approval.

As of May 30, US$1 was equivalent to 13,311 Indonesian rupiah.