Sources: China Insurtech ZhongAn Will Become Bank Aladin Shareholder

Digital bank

The leading insurtech company in China, ZhongAn Online P&C Insurance Co., Ltd., is rumored to be the new shareholder of PT Bank Aladin Syariah Tbk (BANK). ZhongAn will enter through the rights issue of Bank Aladin. A D-Insights source said that ZhongAn was interested in investing in the Islamic bank because the company wanted to enter the digital bank business in Indonesia.

(Updates: In a press conference on Wednesday afternoon, Bank Aladin Syariah announced that the company's strategic investor is ZA Tech Global Limited. The company is the technology venture founded by ZA International and backed by Softbank’s Vision Fund 1.)  

Bank Aladin's Extraordinary General Meeting of Shareholders (EGMS) on February 10 agreed to increase the company's authorized capital from Rp 2.5 trillion to Rp 5 trillion. The number of company shares will also increase to 50 billion shares with a nominal value of Rp 100 per share. Based on data from RTI, as of February 28, the number of Bank Aladin shares was 13,266,238,224 shares. Thus, the potential for additional new shares in the rights issue will reach 36.73 billion shares.

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