P.T. Bank Woori Indonesia agreed to acquire PT. Bank Himpunan Saudara 1906 (JKSE:SDRA) from Woori Bank (KOSE:A000030), PT Medco Inti Dinamika, PT Medco Duta, and other sellers in a reverse merger transaction on September 5, 2014. PT. Bank Himpunan Saudara will issue a total number of 2.89 billion shares to the shareholders of Bank Woori Indonesia representing 55.56% of enlarged capital. Himpunan Saudara is 27.3% controlled by businessman Arifin Panigoro, 27% by Woori Bank, 32.8% by the investing public, 6% by Woori Indonesia, 3.7% by Medco Intidinamika and 3.2% by Medco Duta and Woori Indonesia is owned by Woori Bank with 95.2% and Bank Danamon with 4.8%. Following the merger, the ownership composition of the new bank will consist of Woori Bank with 66.7%, Arifin Panigoro with 12.4%, Danamon with 2.7%, Medco Intidinamika with 1.7%, Medco Duta with 1.5% and the investing public with 15%.

Following the completion of the deal, PT. Bank Himpunan Saudara 1906 will be the surviving entity with new name as Bank Woori Saudara Indonesia 1906. The headquarters would remain in Bandung, West Java. Yanto M. Purbo will remain as the President Director of Himpunan Saudara. Himpunan Saudara and Woori Indonesia are scheduled to hold an extraordinary general shareholders meeting on November 7, 2014 to gain approval from their shareholders. The necessary documents have been submitted to the Financial Services Authority for approval, which is expected to get before year-end.

As of October 10, 2014, the shareholder of Woori bank approved the transaction. As of November 7, 2014, effective statement from OJK (Capital Market Supervisory Agency) was received on November 5, 2014. PT Woori Korindo Securities Indonesia is appointed as a standby buyer in the shares sale transaction. As of November 7, 2014, the transaction was approved by shareholders of PT. Bank Himpunan Saudara. The estimated closing date of the merger is December 19, 2014.

Osman Bing Satrio & Eny acted as independent public accountant. Hadiputranto, Hadinoto & Partners acted as legal advisor. KJPP Hari Utomo dan Rekan acted as appraiser on assets of PT. Bank Himpunan Saudara. PT Sinartama Gunita acted as securities registrar of PT. Bank Himpunan Saudara. Mandiri Sekuritas & Woori Korindo Securities acted as appointed Securities Companies. KJPP Desmar, Anis dan Rekan acted as public appraiser for PT. Bank Himpunan Saudara. KJPP Yanuar Bey & Rekan acted as public appraiser for Bank Woori Indonesia. Erwandi Hendarta and Indah N Respati of Hadiputranto, Hadinoto & Partners acted as legal advisor for PT. Bank Himpunan Saudara 1906.

P.T. Bank Woori Indonesia completed the acquisition of PT. Bank Himpunan Saudara 1906 (JKSE:SDRA) from Woori Bank (KOSE:A000030), PT Medco Inti Dinamika, PT Medco Duta, and other sellers in a reverse merger transaction on December 30, 2014. The combined company will start trading at IDX on January 5, 2015.