Mumbai: Public sector lender Bank of India said on 22 June it has acquired a 76% stake in Indonesia-based PT Bank Swadesi for an undisclosed amount.
The bank has signed an acquisition deed for acquiring majority stake in PT Bank Swadesi, BoI said in a communique to the Bombay Stock Exchange.
This is the first overseas acquisition by BoI, which has a representative office in Jakarta, and is expected to enhance its international operations in Indonesia.
Bank Swadesi is a mid-sized bank, operating in Indonesia for the last 38 years and has 16 outlets. Bank Swadesi has a licence for forex business and is listed on the Jakarta Stock Exchange.
Earlier in 11 December 2006, BoI had said that it would acquire 76% stake PT Bank Swadesi Tbk and had signed a conditional sale-purchase agreement for this purpose with majority shareholders of the Indonesian firm.
The acquisition would be completed after obtaining approval or confirmations from Bank Indonesia and capital market regulators in Indonesia, BoI had said.
This would be the second acquisition of a bank in Indonesia by an Indian lender after State Bank of India bought 76% stake in Bank Indomonex.
BoI shares were trading at Rs223.50, up 3.40%, in afternoon trade on BSE.