Shinhan makes Korean first with Indonesia holding company

What happened: Shinhan Financial Group launched Shinhan Financial Group Indonesia by converting Shinhan Bank Indonesia into an operating holding company, the first such holding company by a Korean financial group in Indonesia. Key numbers: Shinhan acquired 50 percent plus one share each Why it matters: The structure lets Shinhan manage its Indonesian banking, financing and securities businesses under one roof and complies with Indonesian rules from December 2024 requiring qualifying conglomerates to form local holding companies. KB Financial Group and Hanwha Life are pursuing similar moves.

Shinhan Financial Group launched Shinhan Financial Group Indonesia by converting Shinhan Bank Indonesia into an operating holding company, the first such holding company by a Korean financial group in Indonesia.

The structure lets Shinhan manage its Indonesian banking, financing and securities businesses under one roof and complies with Indonesian rules from December 2024 requiring qualifying conglomerates to form local holding companies. KB Financial Group and Hanwha Life are pursuing similar moves.