Kookmin Bank Participates in Capital Increase of Indonesia KB Bukopin Bank
Participation up to 400 billion KRW Based on KB Shareholding Ratio
[Asia Economy Reporter Park Sun-mi] KB Kookmin Bank will participate in a capital increase with a limit of 400 billion KRW, corresponding to a 67% stake in KB Bukopin Bank.
On the 14th, Kookmin Bank stated that this decision to participate in the capital increase is aimed at securing new customer groups, improving asset quality, enhancing IT infrastructure, and laying the foundation for the transition to a digital bank, which are key pillars of its management normalization strategy. The process was carried out through continuous communication with relevant Indonesian government ministries and financial authorities, including the Financial Services Authority (OJK).
A Kookmin Bank official said, “With this capital increase, KB Bukopin Bank will turn the crisis triggered by the recent COVID-19 pandemic into an opportunity, enabling it to support economic growth when the situation in Indonesia improves, thereby laying the foundation to become the best bank in Indonesia in the long term.”
Kookmin Bank acquired a 22% stake in KB Bukopin Bank in July 2018, becoming the second-largest shareholder, and secured a 67% stake last September, gaining the position of the largest shareholder and management control. KB Bukopin Bank ranks 19th in asset size among 115 commercial banks in Indonesia, which is about twice the asset size of other Korean banks that entered Indonesia since the 1990s. KB Bukopin Bank has an extensive network with 510 branches and 832 ATMs across Indonesia, indicating abundant future potential. In October last year, it received an AAA rating from Fitch Indonesia.
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Recently, the appointment of four executives, including President Choi Chang-soo, a KB alumnus, further strengthened KB Bukopin Bank’s management control. Additionally, the withdrawal of a 1.6 trillion KRW damages lawsuit filed by the second-largest shareholder, Bosowa, has resolved legal uncertainties, establishing a foundation for the practical exercise of management rights.
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