Creador buys 20% in Indonesian Index Selindo bank for $24m

Visual from the website of Index Selindo bank

Indonesia small bank, Index Selindo bank will be getting a $24 million capital injection from Creador Capital, a private equity (PE) firm based in Malaysia. The PE firm plans to acquire 20 per cent new shares in the index, through private placement mechanism.

The capital injection will raise the bank’s core capital around Rp 900 billion, said CEO Index bank, Charlie Paulus.

Paulus said, the fund will help expand the bank’s business and add new branches while adding to banking services such as electronic banking, mobile banking, home banking.

Index Selindo is also looking at an opportunity to be listed in stock market in the next two years, after the bank gain the core capital at least 1 trillion rupiah or equal to $75,62 million.

“They (Creador) see the bank’s future going better and bigger. Therefore they are interested to enter this bank,” said Paulus.

Creador Capital concentrates on developing its fund in several companies in Indonesia, Malaysia, Singapore, and India. In addition to the Bank Index, the private equity firm has also invested in the Indovision operator PT MNC Sky Vision Tbk (MSKY),PT BFI Finance Indonesia Tbk, and snack manufacturer PT Simba Indosnack Makmur.

Also Read:

Malaysian PE firm Creador acquires 3.2% in India’s PC Jeweller

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.