India bank buys IndoMonex

India bank buys IndoMonex

State Bank of India, the nation's biggest lender, said it agreed
to acquire a 76 percent stake in closely held PT Bank IndoMonex,
securing a foothold in Indonesia. The acquisition, subject to
regulatory approvals, will be State Bank of India's third
overseas this year. IndoMonex, based in Jakarta, has seven
offices in the Indonesian capital, Bandung and Surabaya. "I
expect that this step would benefit not only the resident Indian
community but would facilitate trade and investment and also
provide a platform for us to participate in the growth and
prosperity" of Indonesia, State Bank Chairman A.K. Purwar said in
an e-mailed statement. The bank didn't disclose the price paid
for the stake. -- Bloomberg