Hanwha Securities completes acquisition of Ciptadana in Indonesia

South Korea's Hanwha Investment & Securities said on Thursday that it completed the acquisition of Indonesia's Ciptadana Sekuritas.

Ciptadana Sekuritas is a mid-sized financial services company affiliated with Indonesia’s sixth-largest conglomerate, Lippo Group with over 30 years of experience in the industry.

Hanwha Investment signed an agreement last year to acquire 80% of Ciptadana Sekuritas' shares and finalized the acquisition process after receiving final approval from Indonesian financial authorities at the end of last month.

With this acquisition, Hanwha has expanded into Southeast Asia for the third time, following its entry into Vietnam and Singapore.

According to Hanwha Investment, Indonesia, with the fourth largest population in the world and an average age of 29.7 years, is a promising market for the growth of digital finance.

Hanwha Investment plans to maintain a collaborative relationship with Indonesia's Lippo Group, creating synergies by building and offering a digital finance platform tailored to the local market.

Hanwha Investment is pursuing the acquisition of Ciptadana Asset Management, with plans to complete it by next year.

Write to Eun-hyuk Ryu at ehryu@hankyung.com