KB Kookmin Card acquiring Indonesian finance unitKB Kookmin Card will acquire a controlling stake in an Indonesian consumer finance company to expand its presence in the Southeast Asian country.
The board of KB Financial Group’s credit card affiliate approved the plan to buy an 80 percent stake in PT. Finansia Multi Finance (FMF) for $81.3 million on Wednesday, according to media outlets on Thursday.
Founded in 1994, the Indonesian lender specializes in auto and motorcycle loans with 255 billion won ($217 million) in total assets. KB Kookmin Card plans to complete the deal by the first quarter of next year.
In February, KB’s other affiliate, KB Capital, signed a deal with Indonesia’s Sun Motor Group to acquire an 85 percent stake in the automaker’s financing firm, Sunindo Parama Finance.
By Park Eun-jee
More in Industry
The chair man
Could squash you
Hyundai Motor's U.S. sales rebound in July
STX Offshore signs contracts for three tankers