Hong Kong digital bank WeLab and Indonesian conglomerate Astra International have completed their acquisition of commercial bank Bank Jasa Jakarta (BJJ) after receiving regulatory approval.
The acquisition was led by WeLab-led consortium’s WeLab Sky which is backed by investors such as Allianz X, Boyu Capital, Horizons Ventures, SCBX Group and Taipei Fubon Bank Capital.
WeLab first acquired 24% of BJJ in December 2021 with plans to launch its second digital bank in the second half of this year.
The digital bank then announced that it had entered into a partnership with Astra International to acquire the majority stake in BJJ in July 2022.
The transaction sees WeLab and Astra holding a 99.13% stake in and serving as joint controllers of the company.
Simon Loong, Founder and Group CEO of WeLab said,
“Expanding WeLab’s digital banking presence across Asia, first in Hong Kong and now in Indonesia, has been one of our key strategic moves.
This partnership with Astra reinforces WeLab’s strategic focus on enhancing cross-country synergies to further strengthen the breadth and depth of our platform.”
Djony Bunarto Tjondro, President Director of Astra said,
“Investment in BJJ is in line with Astra’s aspiration to become a leading retail financial provider in Indonesia and support the growth of the country’s financial services industry and economy.”
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