The Indonesian Commercial Bank (JICB) has purchased $50 billion worth of commercial bank assets.
The Indonesian Securities and Exchange Commission (ISA) announced the acquisition on Friday.
The acquisition will allow the JICB to acquire commercial banks at a rate of $70 billion per annum, the ISA said.
It said the Jicb would also be able to use the funds to invest in capital infrastructure projects and invest in the country’s infrastructure.
The bank, which is based in Surabaya, is a subsidiary of the Indonesia State Investment Fund (Indus) that has a stake in more than 150 commercial banks and has an annual turnover of $15 billion.
It has been in private hands since 2012 and is run by the Jolicar Bank Group, which was formed in 2009 by two Indonesian businessmen.