Clifford Chance

Clifford Chance advises on the sale of stake in Indonesia's Bank Saudara to Woori Bank

Singapore: Leading international law firm Clifford Chance has advised Arifin Panigoro and Medco Intidinamika on its divestment of a 33% stake in PT Bank Himpunan Saudara 1906 to PT Bank Woori Indonesia and Woori Bank, one of South Korea's largest commercial banks.

PT Bank Himpunan Saudara 1906 is an Indonesia-based financial institution. Bank Saudara was founded in 1906 and offers banking services, including savings and checking accounts, fixed deposits and credit loans through its 110 sales offices across the country.

PT Medco Intidinamika is a subsidiary of Medco Group, a holding investment company from Indonesia founded by Arifin Panigoro. Medco Group's business mainly consists of energy (oil and gas) and non-energy sectors (property, agribusiness, construction-fabrication, IT, hotel and food).

Corporate partner Melissa Ng who led this transaction commented, "We are pleased to assist the Panigoro family on the sale to Woori Bank. Financial services is a fast-growing industry in Indonesia, and we've seen a lot of interest from foreign banks, particularly from Asia, in establishing a footprint in this vibrant market."

Melissa was supported by Corporate partner Simon Clinton and associate Chua Si Wei in Singapore.