Kakao Bank-Indonesian bank

Kakao Bank to acquire 10 pct stake in Indonesia's Superbank

SEOUL, Oct. 10 (Yonhap) -- South Korean online lender Kakao Bank said Tuesday it has decided to acquire a 10 percent stake in PT Superbank Indonesia.

Kakao Bank will also cooperate with the Indonesian digital bank to launch loan and deposit products as well as various services, according to officials.

A joint consortium of Grab, Southeast Asia's biggest mobility application, and Singapore Telecommunications currently holds the biggest share in Superbank.

"Starting with this investment, we plan to also discuss creating a 'global network of digital banks' through strategic service partnerships and technology cooperation," Yun Ho-young, Kakao Bank CEO, said.

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