South Korea's KakaoBank to buy 10% stake in SingTel, Grab-backed Superbank (updated)

KakaoBank

10/10/2023 24:51

(Adds details and background in paragraphs 2-5)
       Oct 10 (Reuters) - South Korean digital bank KakaoBank
Corp  323410.KS  said on Tuesday it would buy a 10% stake in
Superbank, the Singapore Telecommunications  STEL.SI  and Grab
 GRAB.O -backed digital-focussed bank in Indonesia.
    KakaoBank will acquire the stake through the issuance of new
shares. Lender Bank Fama International was rebranded as
Superbank in February in a bid to strengthen its digital-based
services and expand its financial offerings.
    "KakaoBank will create the future of finance by
collaborating with major partners in Southeast Asia to jointly
build mobile financial technology platform, starting with
Superbank in Indonesia," said Yun, Ho Young, CEO of the
South-Korean digital lender.
    Superbank is controlled by the Emtek Group along with
Southeast Asian super-app Grab and telco SingTel, who own a
combined 32.5% shareholding.
    SingTel and Grab in January acquired around 2.4 billion new
shares in the then Bank Fama for around $70 million.

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by
Shinjini Ganguli and Subhranshu Sahu)
 ((Rishav.Chatterjee@thomsonreuters.com;))