Singtel buys minority stake in Indonesian bank for about $35 mn

Singapore Telecommunications, Southeast Asia's largest telecommunications operator, said it has bought a 16.3% stake in PT Bank Fama International for 500 billion rupiah ($34.9 million)

Singapore Telecommunications, Southeast Asia's largest telecommunications operator, said on Friday it has bought a 16.3% stake in PT Bank Fama International for 500 billion rupiah ($34.9 million) to pursue banking opportunities in Indonesia.

Singtel said its wholly owned subsidiary Singtel Alpha Investments acquired 2.4 billion new shares issued by the Indonesian bank, which is majority owned by a unit of conglomerate Elang Mahkota Teknologi Tbk.

Singtel, which has been seeking to grow outside its traditional telco business, has a digital banking joint venture in Singapore with Grab Holdings Ltd. The joint venture has also applied for a digital banking licence in Malaysia.

Grab,