Singtel acquires 16.3% stake in Indonesia's Bank Fama International for 500b rupiah

SINGTEL Alpha Investments, a wholly-owned subsidiary of Singtel Z74 : Z74 0%, has acquired a 16.3 per cent stake in an Indonesian bank for a cash consideration of 500 billion rupiah (S$48 million).

In a bourse filing on Friday (Jan 21), the telco said it has acquired 2.4 billion new shares issued by Bank Fama International. The investment is part of Singtel's plans to pursue banking opportunities in Indonesia.

Fama's investors include Nasdaq-listed digital services player Grab, which is also in a joint venture with Singtel to operate a digital bank in Singapore.