The Hong Kong and Shanghai Banking Corporation (HSBC) has acquired a 88.9% stake of PT Bank Ekonomi Raharja through its wholly-owned subsidiary HSBC Asia Pacific Holdings for US$607.5 million.
The acquisition will almost double HSBC's presence in the country to 207 outlets in 26 cities.
Norton Rose advised HSBC, and was led by Singapore-based corporate partner, Jake Robson and Bangkok international managing partner, Phillip John.Hadiputranto, Hadinoto & Partners, led by Tuti Dewi Hadinoto, was Indonesian counsel to HSBC.
Lovells represented the sellers out of Singapore. Makes + Partners advised the sellers on Indonesian law.