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