Hanwha Investment Completes Acquisition of Indonesia's Ciptadana Asset Management

Hanwha Investment & Securities announced Wednesday that major procedures for its acquisition of Indonesia's Ciptadana Asset Management have entered the final stage.

Ciptadana Asset Management is an affiliate of Lippo Group, Indonesia's sixth-largest conglomerate, and is a mid-sized financial firm with more than 30 years of operating history.

Hanwha Investment & Securities signed a contract in 2023 to acquire 80% stakes in both Ciptadana Sekuritas and Ciptadana Asset Management. Following the completion of the Ciptadana Sekuritas acquisition in October last year, the company received final approval from Indonesia's Financial Services Authority (OJK) for the Ciptadana Asset Management acquisition this year.

Hanwha Investment & Securities completed the share acquisition procedures for Ciptadana Asset Management through a regulatory filing on Tuesday.

Through this acquisition, Hanwha Investment & Securities has established a dual-track system covering both securities and asset management in Indonesia, laying the foundation to further strengthen its position in the rapidly growing Southeast Asian capital markets.

The company also plans to strengthen its strategic partnership with Lippo Group and provide digital asset management solutions optimized for the local market environment and customer needs.

"Ciptadana Sekuritas and Ciptadana Asset Management will play a pivotal role in the development of Indonesia's digital financial ecosystem," said Jang Byung-ho, CEO of Hanwha Investment & Securities. "We will spare no effort in our continued support to help Ciptadana Sekuritas and Ciptadana Asset Management lead the ASEAN financial market beyond Indonesia."