SINGAPORE -- Singapore-based internet services group Sea has acquired majority control of small Indonesian lender Bank Kesejahteraan Ekonomi, Nikkei Asia has learned, a move that will accelerate the expansion of the company's online financial services in Southeast Asia.
According to company filings to Indonesian authorities, Turbo Cash, a Hong Kong-based Sea subsidiary, first acquired a 71.94% stake in Danadipa Artha Indonesia (DAI) in January last year and has gradually increased its holding in the company to 82.19% in November.
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