Bae, Kim & Lee LLC (“bkl”) advised Hana Financial Group (“HFG”) with respect to the merger of its subsidiaries in Indonesia. The merger of PT Bank Hana and PT Bank KEB Indonesia to form PT Bank KEB Hana, which was successfully completed on March 10, was done to comply with local regulatory requirements and promote synergies between the two banks.
PT Bank KEB Indonesia, which became part of the Hana Financial Group upon HFG’s acquisition of Korea Exchange Bank in 2012, has been assisting Korean companies engaging in business in Indonesia since its establishment in 1990. PT Bank Hana, formed through the acquisition of an Indonesian bank in 2007, has established itself as an important player in the local retail banking business, serving the needs of blue chip corporations and individual clients in Indonesia.
PT Bank KEB Hana will operate a network of approximately 40 branches across Indonesia, and as of the completion of the merger, it has total assets of approximately IDR 14.6 trillion (KRW 1.259 trillion) with equity capital of IDR 2.7 trillion (KRW 235 billion).
bkl advised HFG with respect to various aspects of the transaction ranging from transactional to regulatory matters, and worked closely with and managed local counsel in Indonesia. Ali Budiardjo, Nugroho, Reksodiputro advised HFG regarding Indonesian law matters.
The bkl team was led by partners Sky Yang and Seunghwa Hwang of the Securities & Finance practice group, and included associate Yoonhyoung Jeong also from the Securities & Finance group, as well as foreign legal advisors Steve Kim and Soobin Kim from bkl’s Corporate practice group.
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