State Bank of India, Bank KEB Hana Indonesia, Bank SBI Indonesia sign Shareholder Agreement

by Psu Connect
Date: 14-09-24

For Regulatory compliance of meeting a minimum 1% of local shareholding requirement, BSBII has proposed to issue preference shares to PT Bank KEB Hana, Indonesia.

State Bank of India, Bank KEB Hana Indonesia, Bank SBI Indonesia sign Shareholder Agreement

Bank SBI Indonesia (BSBII), the overseas Banking subsidiary of the State Bank of India in Indonesia has an SBI holding of 99.56% stake.

For Regulatory compliance of meeting a minimum 1% of local shareholding requirement, BSBII has proposed to issue preference shares to PT Bank KEB Hana, Indonesia.

As part of the arrangement, the State Bank of India, PT Bank KEB Hana Indonesia, and Bank SBI Indonesia signed a Shareholders’ Agreement on 10th September 2024, which allows Bank KEB Hana Indonesia to invest in 1% shares of Bank SBI Indonesia by way of preference shares.

PT Bank KEB Hana Indonesia is a subsidiary of South Korean financial institution, Hana Financial Group. After the induction of Bank KEB Hana as a minority shareholder, SBI’s shareholding will be 99% in Bank SBI Indonesia.

The Shareholders’ Agreement was executed at Bank SBI Indonesia’s Head office in Graha Mandiri Building, Central Jakarta, and was attended by Ms. Jayati Bansal, Deputy Managing Director (IBG) of SBI, President Director of Bank KEB Hana Indonesia Park Jong Jin and President Director of Bank SBI Indonesia Akash Shambhu Damniwala.