From left, Hanwha Life President and Chief Global Officer (CGO) Kim Dong-won, Lippo Group MPC CEO Adrian Suherman, Hanwha Life Vice Chairman and CEO Yeo Seung-joo and Lippo Group CEO John Riady pose together, as the two sides sign a stock purchase agreement in Jakarta, Indonesia, Friday. Courtesy of Hanwha Life

Hanwha Life acquired a 40 percent stake in Indonesia's Nobu Bank earlier this month, expanding Hanwha's financial portfolio in the Southeast Asian market, the insurance firm announced Monday.

On behalf of the Korean life insurer, Hanwha Life President and Chief Global Officer (CGO) Kim Dong-won and Vice Chairman and CEO Yeo Seung-joo attended a signing ceremony held on Friday in Jakarta, Indonesia, agreeing to the stock purchase agreement (SPA) to acquire the 40 percent stake of the Indonesian bank from Lippo Group. Lippo Group CEO John Riadi and MPC CEO Adrian Suherman participated in the ceremony.

Both parties pledged to strengthen their partnership to pursue mutual growth and deepen their business relationship. Moving forward, both groups have also agreed to support and collaborate in various business areas to explore future growth drivers, including in the areas of infrastructure, networks as well as the expertise of both groups.

"With the signing of the SPA with Lippo Group, Hanwha Life and financial affiliates of Hanwha Group aim to grow further into a major global financial player. Hanwha Life will maximize synergy by integrating Hanwha's digital capabilities with Lippo Group's management expertise in the banking business," Yeo said at the ceremony.

Riadi said that he hopes the two companies' cooperation and synergy will persist, "much like the longstanding friendship and trust between myself and Hanwha Life's President Kim Dong-won."

Hanwha Life President and Chief Global Officer (CGO) Kim Dong-won, left, shakes hands with Lippo Group CEO John Riady after the signing ceremony in Jakarta, Indonesia, Friday. Courtesy of Hanwha Life

Previously, Hanwha Life acquired a 62.6 percent stake in Lippo General Insurance in March of last year, followed by another acquisition by Hanwha Investment & Securities to take over a controlling stake in Indonesia's Ciptadana Securities and Ciptadana Asset Management in June of that year.

Hanwha Life plans to accelerate its global expansion strategy centered on Indonesia, which is the world's fourth most populous country with about 275 million people, and also has an annual growth rate of over 5 percent.