Bareksa.com - Taiwan's Yuanta Financial Holdings Co Ltd said on Tuesday it had agreed to acquire an Indonesian brokerage for T$211 million ($6.93 million).

The board of Yuanta Securities approved the purchase of 99 percent of PT Amcapital Indonesia, which will be conducted through Yuanta Securities (Hong Kong), the parent company said in a statement.

The purchase will give the Taiwanese financial group exposure to Indonesia, Southeast Asia's largest economy, and comes as the government encourages domestic financial companies to search for business abroad amid over competition at home.

Last month, Taiwan's China Development Financial Holding Corp said its brokerage unit was buying Singapore's AmFraser Securities Pte Ltd. ($1 = 30.4550 Taiwan dollar)