The proposed project consists of an additional equity investment by IFC in PT. Bank KEB Hana Indonesia (“KHI” or the “Bank”), IFC portfolio client since 2007.

KHI is a midsize bank in Indonesia with an asset base of IDR 40,654 billion (US$2.7 billion). The proposed investment will support the Bank’s growth strategy and finance its capital investment in digital infrastructure to create the distribution and service channels for increasing the size of its lending operations in all business segments, particularly in the SME segment. The Bank will be able to leverage its equity to expand the volume of its SME loan portfolio in a sustainable manner.

IFC is an existing shareholder of the Bank and has a pre-emptive right to subscribe to new shares to maintain its ownership in the Bank. The proposed project consists of an additional equity investment of up to IDR 216 billion (estimated US$15 million equivalents) through a rights issue.

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

The shareholders of KHI are (i) KEB Hana Bank (“KHB”) with 89.01% shareholding; (ii) IFC with 9.98% shareholding; and (iii) Mr. Bambang Setijo with 1.01% shareholding.

KEB Hana Bank:  KHB is a wholly owned subsidiary of Hana Financial Group (“HFG”) and is one of the major players in Korea's banking industry. KHB operates as HFG's main distribution channel by offering comprehensive financial services through about 800 branches in Korea and 150 branches in 24 foreign countries. Long-term ratings of KHB by Moody’s and S&P are A1 and A+, respectively.

Mr. Bambang Setijo: Mr. Setijo is the local shareholder. He is an independent businessman.

1/The Project Contact

PT Bank KEB Hana Indonesia 
Contact: Marco Wirjadi 

Tel: 021 508 111 - 811660 

Email: marco.wirjadi@kebhana.co.id 

Address: Mangkuluhur City Tower One Jln. Jend. Gatot Subroto Kav. 1-3, Jakarta,

Indonesia 12930 

Website: www.kebhana.co.id 

2/The IFC Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/