HSBC Holdings plc sees a market in the world's fourth-most populous nation, Indonesia. The London-based bank with deep roots in Asia acquired 89% of Bank Ekonomi of Indonesia on Monday for $607.5 million. The middle-market deal falls in line with HSBC's strategy of expanding in emerging markets, especially in Asia.
Continue reading below
Bank Ekonomi has retail and commercial banking operations and assets of about $1.8 billion and is one of the top 10 banks in Indonesia. The deal doubles HSBC's presence in Indonesia to 190 branches. The acquisition comes on the heels of HSBC's decision last month to pull out of its offer for Korea Exchange Bank, citing falling asset values and the turmoil in world markets. - Gerald Magpily
See story from BusinessWeek
Dealscape: HSBC, weary of the U.S., retreats to Asia
