The deal, which was via Allianz Global Investors’ wholly owned subsidiary, Allianz Global Investors Asia Pacific, was originally announced in July 2021.
Allianz Global Investors has completed its acquisition of PT RHB Asset Management Indonesia (RHBAMI), an Indonesian asset-management arm of the RHB Banking Group, the global asset manager said in a statement Monday.
RHBAMI provides services and products including mutual fund units for retail investors, high net worth individuals and corporate and institutional investors.
RHBAMI, which will be renamed PT Allianz Global Investors Asset Management Indonesia, was acquired from PT RHB Sekuritas Indonesia, part of the RHB Banking Group, the statement said.
Spotty History
Indonesia has had a spotty history with foreign banks attempting to enter its market via acquisitions.
In 2013, Singapore bank DBS walked away from its attempt to take over Indonesian bank PT Bank Danamon after the country threw up fresh regulatory barricades to thwart the deal. However, in 2018, DBS completed the acquisition of ANZ’s retail and wealth business in Indonesia as part of a deal which included assets from the Australian bank in Singapore, Hong Kong, China and Taiwan as well.
Regulators may have found that deal – as well as the deal for Malaysia-based RHB’s assets – more palatable as it transferred assets from one foreign company to another.
AUM Falls
The acquisition price for the RHB assets was not disclosed, but RHBAMI has assets under management of around $340 million as of end-December, the statement said. In the July statement, RHBAMI was said to have $480 million in assets under management.
Allianz Global Investors did not immediately return Finews’ emailed request for explanation of the change.
The rupiah has strengthened slightly against the dollar since the deal was announced, from the U.S. dollar fetching around 14,490 rupiah in mid-2021 to current levels around 14,377 rupiah.
