KB buys stake in Indonesian bank 10 years after leaving

Korea’s KB Kookmin Bank said Monday it has acquired a 22 percent stake in Bank Bukopin of Indonesia, making it the second-largest shareholder of the lender.

With the acquisition, KB Kookmin re-entered the Indonesian market 10 years after it sold a controlling stake in Bank International Indonesia.

Bank Bukopin is a midsized lender specializing in retail banking services for individuals and small and medium-sized enterprises.

KB Kookmin Bank said it will help the Indonesia lender bolster its operations in household lending, digital banking and risk management.

Korean financial firms have stepped up their businesses in Southeast Asia in line with President Moon Jae-in’s diplomatic efforts to deepen ties with nations in the region.

Yonhap