KB Kookmin Card completes big acquisition in Indonesia

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KB Kookmin Card completes big acquisition in Indonesia

KB 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

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