SSEK Legal Consultants acted as Indonesian counsel to Woori Bank of South Korea in its purchase of a 33 percent stake in Indonesia's Bank Himpunan Saudara 1906 for 713.1 billion Rupiah, about US$60 million. Securing approval from Indonesia's central bank, Bank Indonesia, for the purchase took about 18 months amid an evolving regulatory environment for bank acquisitions in the country.
Singapore's DBS Group last year cancelled the planned acquisition of an Indonesian bank after it failed to receive Bank Indonesia approval for the deal.
Bank Saudara is listed on the Indonesia Stock Exchange, so this complex deal also required the navigation of capital market rules for bringing in a foreign bank as a significant shareholder.
Woori Bank has had a presence in Indonesia since 1992 through Bank Woori Indonesia, which deals mainly with Korean companies operating in Indonesia. With this purchase of a 33 percent stake in Bank Saudara, the Korean lender hopes to increase its presence in the dynamic Indonesian market.
Bank Saudara is part of the Medco Group, a business conglomerate involved mainly in the energy sector.
SSEK partner Fahrul S. Yusuf and senior associate Bezaliel E. Basuki led the SSEK Team advising on the deal.
SSEK Legal Consultants is a leading full-service corporate and commercial law firm based in Jakarta, Indonesia. Since its founding in Jakarta in 1992, SSEK has grown to one of the largest and most highly regarded corporate law firms in Indonesia. SSEK is recognized by independent legal directories including Chambers & Partners, The Legal 500 and Asia Law as a leading law firm in Indonesia across all major practice areas including banking and finance, capital markets, corporate law and mergers and acquisitions, construction and real estates, energy and natural resources, IT and telecommunications, labor and employment, project finance, restructuring and insolvency, and shipping. SSEK has been named the Indonesian Law Firm of the Year on multiple occasions.