Jakarta. South Korea's Hanwha Life Insurance Co Ltd is set to acquire a 40 percent stake in Indonesia's Bank Nationalnobu (NOBU), currently held by various shareholders.

Targeted shareholders for the acquisition include Putera Mulia Indonesia, Star Pacific (LPLI), Prima Cakrawala Sentosa, Multipolar Tbk (MLPL), Inti Anugerah Pratama, Ciptadana Capital, and Lenox Pasifik Investama (LPPS).

According to a public disclosure announcement on Friday, NOBU management confirmed that the acquisition plan has been approved by the Board of Commissioners of both Hanwha Life and NOBU. However, the transaction must still go through an Extraordinary General Meeting (EGM) of Shareholders, scheduled for March 25.

NOBU's shares fell 25 percent to Rp 550, triggering a trading halt at 2:00 p.m. after the stock hit the lower auto-reject (ARB) threshold following the announcement.

If approved by shareholders, both NOBU and Hanwha Life will submit a request for approval from the Financial Services Authority (OJK) on March 27. Once all conditions are met, the acquisition is expected to be completed between April 16-23.

Hanwha Life has already expanded its footprint in Indonesia's financial sector through the acquisition of Lippo General Insurance (LPGI). The company currently holds a 59 percent stake in LPGI, establishing itself as the controlling shareholder of the insurer.

The acquisition is expected to strengthen Hanwha Life's position in Indonesia’s financial sector, particularly in bancassurance, where banking and insurance services are integrated. This move aligns with the broader trend of global financial companies seeking to expand their presence in Indonesia's growing market.