Singapore GIC to buy 9% of Indonesia’s Bank Jago to tap digital banking business

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(The Straits Times)

Singapore sovereign wealth fund GIC will purchase a stake in Bank Jago, a publicly listed Indonesian lender that is set to become the first fully digital bank in South-east Asia’s largest economy, a rights issue prospectus shows.

GIC will spend as much as 3.15 trillion rupiah (S$294 million) to acquire about 9 per cent of Bank Jago’s enlarged capital through a rights issue slated for March, according to a prospectus filed to the stock exchange by the Jakarta-based bank. GIC declined to comment when contacted by The Straits Times on Friday.

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