Press Release12 Sept 2024, 12:26 am
State Bank of India, Bank KEB Hana Indonesia, Bank SBI Indonesia Sign Shareholder Agreement
AI Summary
State Bank of India (SBI) has announced that its overseas banking subsidiary in Indonesia, Bank SBI Indonesia (BSBII), has signed a Shareholder Agreement with Bank KEB Hana Indonesia and PT Bank KEB Hana, Indonesia. This agreement allows Bank KEB Hana Indonesia to invest in 1% shares of Bank SBI Indonesia by way of preference shares. The move is aimed at meeting the minimum 1% local shareholding requirement for BSBII. SBI's shareholding will reduce to 99% in Bank SBI Indonesia after the induction of Bank KEB Hana as a minority shareholder. The agreement was executed at Bank SBI Indonesia’s Head office in Graha Mandiri Building, Central Jakarta.
Key Highlights
- State Bank of India, Bank KEB Hana Indonesia, and Bank SBI Indonesia sign Shareholder Agreement.
- Bank KEB Hana Indonesia to invest in 1% shares of Bank SBI Indonesia by way of preference shares.
- Move aims to meet the minimum 1% local shareholding requirement for Bank SBI Indonesia.
- SBI's shareholding to reduce to 99% in Bank SBI Indonesia after the induction of Bank KEB Hana as a minority shareholder.
- Agreement executed at Bank SBI Indonesia's Head office in Graha Mandiri Building, Central Jakarta.