Industrial and Commercial Bank of China (ICBC) has bought 90% of Bank Halim Indonesia, its first banking acquisition outside Greater China, the South China Morning Post reported. ICBC, which recently raised US$21.9 billion from the world's largest initial public offering, said on its website that an agreement had been signed at the weekend to buy the remaining 10% of Bank Halim within three years. Bank Halim, based in Surabaya on the island of Java, had assets of US$50 million and 12 branches at the end of 2005, the statement said. Its capital adequacy ratio was 58% and its bad loan ratio was 1.32% at the time. ICBC did not reveal the acquisition price or any other financial terms. The deal is subject to approval by the China Banking Regulatory Commission and Indonesia's central bank.
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