Thursday, May 24, 2018

Bank Danamon considers selling stake in insurance subsidiary

The insurance subsidiary of Bank Danamon Indonesia is attracting interest from foreign investors.

The Jakarta-based lender has tapped an adviser to assist it in weighing its options for its holding in Asuransi Adira Dinamika.

According to a Bloomberg report, sources who spoke under terms of anonymity, the insurance subsidiary has elicited interest from both European and Japanese insurers.

The sources, however, said deliberations about a potential sale remain at an infancy stage and that no final decision has yet been reached.

Nevertheless, a transaction could also include a bancassurance agreement.

Because of its recent economic performance and the huge size of its population, Indonesia has attracted many foreign financial firms as of late, including Mitsubishi UFJ Financial Group Inc., which agreed to buy a US$1.2 billion stake in Danamon back in December.

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