JAKARTA -- Indonesia's largest conglomerate, Salim Group, has acquired a majority stake in a local bank, marking its first return to the banking business since the 1998 Asian financial crisis.
Through various affiliated entities, the group bought at least 51% of Bank Ina Perdana by subscribing to new shares issued by the Indonesia-listed lender. The acquisition value is estimated at 570 billion rupiah ($42 million). The bank has 22 branches in Java and had 2.3 trillion rupiah in assets as of December 2016.
