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Finance

Shinhan Financial groups Indonesia bank, card and securities units under business holding company

Shinhan Financial Group has reorganised its governance in Indonesia by moving to a business holding company structure that groups its card and securities affiliates around its local bank. It converted Shinhan Indonesia Bank to serve as a business holding company and launched Shinhan Financial Group Indonesia. The overhaul follows an Indonesian requirement to establish financial holding companies. Shinhan also signed an agreement with Indonesia’s Sinar Mas group to cooperate in corporate and supply chain finance.

Industry

LG Electronics to expand chiller output for AI data centres, invest 150 billion won

LG Electronics will expand production capacity for cooling equipment used in AI data centres in the United States and South Korea. The company will build a new plant in Windsor, Virginia, and add production lines at its Pyeongtaek and Changwon plants, it said on Wednesday. The 150 billion won investment includes facility upgrades and targets chillers used for air and liquid cooling in data centres.