FinAccel Snaps up 75% Stake in Bank Bisnis to Bolster Its Digital Banking Plansby Fintech News Indonesia April 5, 2022
FinAccel Teknologi Indonesia, a directly controlled subsidiary of FinAccel which is the parent company of Kredivo, has announced the acquisition of a majority stake in Bank Bisnis Internasional, an Indonesia Stock Exchange-listed entity.
At the end of the acquisition process, slated for completion at the end of this week, FinAccel Teknologi Indonesia will own 75% of Bank Bisnis, with the Suriadi family, the previous majority owners, still retaining a significant minority stake.
All regulatory approvals for this acquisition have been obtained, including from Indonesia’s Financial Services Authority (OJK).
FinAccel said that this acquisition represents a very significant step in its expansion strategy of serving customers with a wide variety of financial services, from digital credit and Buy Now, Pay Later (BNPL) to digital banking and larger-ticket loans in the future.
Akshay Garg, Group CEO and Co-founder of FinAccel said,
“While Kredivo has been at the forefront of consumer credit digitisation via our BNPL business over the last several years, the digitisation of Indonesian banking services is only getting started. In line with our mission to serve customers with products that are fast, affordable and widely accessible, we look forward to serving customers with world-class banking products in the future. We are also very grateful to the Suriadi family for their support and cooperation during this year-long acquisition process.”
Purnawan Suriadi, Lead Shareholder Representative for the Suriadis added,
“Bank Bisnis has a long and proud heritage. As the banking sector rapidly digitises, we are very excited to bring in FinAccel Teknologi as the new majority shareholder of the bank, and look forward to working with them in their vision of building the leading digital bank franchise in Indonesia.”