Hanwha Life Secures 40% Stake in Indonesia’s Nobu Bank

South Korea’s Hanwha Life Insurance has completed its acquisition of a 40% stake in Indonesia’s Nobu Bank from the Lippo Group, gaining management rights in its first foray into international banking.

The deal strengthens Hanwha’s presence in Indonesia, where it already operates insurance, asset management, and securities businesses. Nobu Bank, with assets of KRW3tr (USD2.2bn), saw its net profit more than double to KRW27.9bn in 2024.

Hanwha aims to integrate its digital finance solutions with Nobu’s offline network, focusing on the youth-driven market to enhance retail banking services and ensure long-term growth via local partnerships.