Following the terms of agreements announced earlier, HSBC is required to make a Mandatory Tender Offer for a further 10.11% of Bank Ekonomi, which will be distributed to shareholders, subject to approval by the local regulators.
Moreover, Bank Ekonomi will operate as a separate entity to HSBC’s existing Indonesian business, and remain listed on the Indonesian stock exchange, the company said.
Bank Ekonomi is a provider of SME banking services in Indonesia.
