It is acquiring 88.89 per cent of Bank Ekonomi for $607.5m in a move that will almost double its branch network across Indonesia and give it access into areas such as commercial banking.
The deal represents a price of 4.1 times last month's book value. This is expensive by local standards but demonstrates HSBC's belief in the potential of Indonesia, where only a third of the 230m population and a quarter of businesses use the formal banking sector.
Bank Ekonomi will also allow HSBC to expand into retail banking, taking it into cities where it has no presence.
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