Hadiputranto Hadinoto & Partners (HHP) has advised Japan's largest financial group, Mitsubishi UFJ Financial Group (MUFG) on its strategic acquisition of 73.8 percent of Bank Danamon Indonesia.
The transaction is expected to bolster MUFG’s growth in Asia and Oceania, aiding the growth of banking sector in Indonesia, Reuters said, adding the estimated value of the deal was more than $6 billion
Japanese and other Asian banks are increasingly targeting a presence in Indonesia in hopes of tapping an emerging middle class in an economy with population of over 250 million, reported Reuters. Danamon is the latest by a string of deals by highly-acquisitive MUFG, which already holds stakes in Vietnam’s VietinBank, Thailand’s Bank of Ayudhya and Security Bank of the Philippines.
Senior partner Erwandi Hendarta, HHP’s head of finance and projects, led the transaction, with support from Jakarta-based partners Mahardikha Sardjana and Indah Respati.