SSEK Legal Consultants has acted as Indonesian counsel to KEB Hana Bank Korea, South Korea’s largest bank by assets, and the largest foreign exchange bank in South Korea, in connection with the acquisition by LINE Corporation, through its subsidiary LINE Financial Asia, of a 20 percent stake in PT Bank KEB Hana Indonesia through a Share Subscription Agreement.
The transaction is expected to allow LINE, one of the most popular messaging platforms in Indonesia, to expand its digital banking services in the largest economy in Southeast Asia, utilizing KEB Hana’s market presence in the country.
The two parties signed the Share Subscription Agreement on October 26, 2018, but closing will only take place once the acquisition is approved by Indonesia’s Financial Services Authority (OJK). The digital banking service is expected to be launched in 2019.
Managing partner Denny Rahmansyah led the SSEK team assisting KEB Hana Bank Korea and PT Bank KEB Hana Indonesia on the transaction, with associates Irwina Annisa, Angky Banggaditya and Syarifah Reihana Fakhry.
Bae, Kim & Lee LLC acted as Korean counsel to KEB Hana Bank Korea.
SSEK Legal Consultants is a leading full-service corporate and commercial law firm based in Jakarta, Indonesia. Since its founding in Jakarta in 1992, SSEK has grown to one of the largest and most highly regarded corporate law firms in Indonesia. SSEK is recognized by independent legal directories including Chambers & Partners, The Legal 500 and Asia Law as a leading law firm in Indonesia across all major practice areas including banking and finance, capital markets, corporate law and mergers and acquisitions, construction and real estates, energy and natural resources, IT and telecommunications, labor and employment, project finance, restructuring and insolvency, and shipping. SSEK has been named the Indonesian Law Firm of the Year on multiple occasions.