Shinhan Financial Group (KRX:055550) launched its Indonesian unit, Shinhan Financial Group Indonesia, becoming the first South Korean financial company to expand to the Southeast Asian country, according to a Tuesday release.
The launch follows the restructuring of Shinhan Bank Indonesia into a business holding company that also serves as its local financial holding company.
Under the new structure, Shinhan Indonesia Bank will own a controlling stake in local subsidiaries, Shinhan Indo Finance and Shinhan Investment & Securities Indonesia.
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