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Indonesia's Salim Group re-enters banking with local takeover

Conglomerate wants to strengthen e-payment services for its online business

Salim Group sold Bank Central Asia in 1998

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.

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