KB Kookmin Card completes big acquisition in IndonesiaKB Kookmin Card signed an agreement to acquire a controlling stake in an Indonesian consumer finance company for $81.28 million, the company announced on Thursday.
Under the terms of the deal, the card issuer will hold an 80 percent stake in Finansia Multi Finance (FMF), utilizing the Jakarta-based company to enter Southeast Asia.
The move comes after the board of the credit-card company approved the takeover plan. FMF will become a subsidiary as early as the beginning of next year. KB added that it intends to diversify loan offerings and strengthen digitalization.
By Park Eun-jee