Public sector lender Bank of India (BoI) on Friday said it has acquired 76 per cent stake in Indonesia- based PT Bank Swadesi for an undisclosed amount.
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 December 11, 2006, BoI had said that it would acquire 76 per cent stake PT Bank Swadesi Tbk and had signed a conditional sale-purchase agreement for this purpose with majority shareholders of the Indonesian firm.
This would be the second acquisition of a bank in Indonesia by an Indian lender after State Bank of India bought 76 per cent stake in Bank Indomonex. - PTI
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