Creador commits $24m to Indonesia's Bank Index

The new funding will raise Bank Index's core capital to IDR900 billion, according to a statement from Creador, and lift its capital adequacy ratio to 22.2%. The lender has previously said it hopes to provide credit card and internet banking services by next year. Core capital of IDR1 trillion is required before these services can be offered.

Founded in 1993, Bank Index has 44 branches in Indonesia, with a particularly strong presence in Jakarta. It provides loans to Indonesian small businesses and currently possesses assets of IDR6.3 trillion, with an additional IDR4.6 trillion in loans.

Creador, founded in 2011, has raised $460 million to date, with its second fund closing late last year at $330 million. The GP focuses on investments in Southeast Asia and India.

The firm has been prolific in the consumer sector, having committed $21.7 million and $16.2 million last month to India's PC Jeweller and Ashiana Housing, respectively. It also teamed up with SMRT Holdings to pay $19.2 million for a 30.75% stake in Malaysia's Masterskill Education last year, with a view to a full buyout of the company.

This is Creador's fourth investment in Indonesia. About half of Fund II is allocated for investments in the country.

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• Topics
• Southeast Asia
• Investments
• Financials
• Venture
• Expansion
• Financial Services
• Indonesia
• Creador
• Southeast Asia
• Growth capital