Woori Card announced on Sept. 1 that it has acquired an 82.03 percent stake in PT Batavia Prosperindo Finance Tbk, an installment finance company in Indonesia.
Woori Card renamed the acquired company Woori Finance Indonesia. It is the card company's second overseas subsidiary after Myanmar Tutu Finance.
The takeover marked Woori Card’s first acquisition of an overseas financial company. With this launch of Woori Finance Indonesia, the Korean credit card issuer plans to continuously diversify its global business by securing new growth engines and expanding its overseas sales networks. It decided to enter the Indonesian market to overcome the unfavorable credit card business environment in Korea due to intensified competition and toughened regulations, and lower dependence on the Korean credit card market.
Established in 1994, PT Batavia Prosperindo Finance Tbk is a mid-sized company with total assets of US$92 million and 1,100 employees. It runs a sales network of 72 branches across Indonesia and has strengths in used car installment financing and heavy equipment leasing.