Hanwha Life completes investment in Indonesia's Nobu Bank
South Korean insurer Hanwha Life said Monday it has completed its strategic investment in Indonesia's Nobu Bank, acquiring a 40 percent equity stake and marking its first foray into the overseas banking sector.
The deal closed earlier in the day, more than a year after Hanwha signed a stock purchase agreement with Nobu Bank's parent, Lippo Group — Indonesia's sixth-largest conglomerate — in May 2024.
The investment deepens Hanwha Life's presence in Indonesia's financial sector. The Korean insurer, along with its Hanwha Group affiliates, already operates across life and general insurance, securities and asset management.
With Nobu Bank, it becomes the first Korean insurance firm to enter the country's commercial banking market.
Nobu Bank, ranked among Indonesia's top 30 commercial banks, has shown strong and stable growth in recent years. Net income more than doubled from 12 billion won ($8.9 million) in 2023 to 27.9 billion won in 2024, with total assets reaching 3 trillion won as of the end of 2024.
Hanwha Life is Korea's second-largest life insurer by premium income and reported a consolidated net profit of 866 billion won last year.
Hanwha Life said it aims to combine its financial expertise with Nobu Bank's local branch network to drive retail financial innovation, targeting Indonesia's youthful population —over half of whom are under 30.
'We are proud to set a new milestone by becoming the first Korean insurer to successfully enter the banking sector,' said Kim Dong-wook, chief global business officer at Hanwha Life. 'Leveraging our digital financial expertise and global network, we will continue to shape the future of finance and build a trusted global financial brand.'
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