Hanwha Life, part of South Korea’s Hanwha Group, has acquired a 40% stake in Indonesia’s Nobu Bank, marking its first venture into the banking sector overseas. This strategic move, facilitated by a deal with Indonesia’s Lippo Group, aims to bolster Hanwha’s global presence, particularly in Indonesia, the world’s fourth most populous country with consistent GDP growth over 5%. The signing event in Jakarta included key executives from both Hanwha and Lippo Groups. Nobu Bank ranks among Indonesia’s top 30 commercial banks, with assets of approximately USD1.7bn.This expansion aligns with Hanwha Life’s ambitions to evolve into a global total finance group, leveraging digital capabilities and Lippo’s banking experience to maximise synergy. The transaction is pending regulatory approval from both Korean and Indonesian authorities.