Singtel and Grab have acquired a combined 32.5% stake in the digital banking subsidiary of Emtek, diluting the latter’s to 62.8%.
Telecommunications firm Singtel and ride hailing app operator Grab each invested Rp 500bn ($35m) in Bank Fama International, an Indonesia-based digital bank owned by media group Emtek, today, indicating a rise in non-traditional banking in the country.
The corporates both acquired 2.4 billion shares from Bank Fama equating to a 16.3% stake each. Emtek’s Elang Media Visitama unit had agreed to acquire the company in November 2021, and the latest deal reduced its stake from 93% to 62.8%, according…
