HSBC acquired 10.08% of the shares (269,012,500) for a consideration of approximately US$ 71.6 million brings HSBC’s total shareholding in Bank Ekonomi to 98.96%. 1% of the Bank will remain unlisted and in Indonesian ownership as required by local regulation.
According to a statement, HSBC was required to make a mandatory tender offer to public shareholders after it acquired 88.89% in Bank Ekonomi on 22 May 2009.
The acquisition, made by HSBC Asia Pacific Holdings (UK) Limited, its wholly-owned subsidiary, almost doubled HSBC’s presence to 208 outlets in 26 cities in Indonesia.
Bank Ekonomi has a strong SME banking franchise and provides commercial banking services with over 2,300 staff and 93 outlets. It is listed on the local stock exchange.