Rabobank part of 3-way merger in Indonesia

by Richard Kilner

Story link: Rabobank part of 3-way merger in Indonesia

Rabobank has announced that Rabobank International Indonesia (RII) is to merge with Hagabank and Bank Hagakita.

As a result of this, it will become the leading international bank in Indonesia, with the largest branch network throughout the island nation.

Tony Costa, RII’s president director, has welcomed the move, which he stated required close collaboration with the authorities as well as hard work between the trio of banking firms.

The management of the three merged banks have been combined to form the new bank’s management structure, with the board of commissioners chaired by Timoty E. Marnandus, founder of Hagabank and Bank Hagakita.

Following the merger, Rabobank will retain agriculture and food as its primary focus, but will also rapidly expand into the SME sector and grow the GFM business.