Reentry into Indonesia in 10 Years
KB Kookmin Bank announced on July 2 that it signed a contract to acquire new shares to be issued by Bank Bukopin, an Indonesian bank specializing in retail banking.
The Indonesian bank will grant the Korean bank a preemptive right to purchase new shares on July 12 and increase capital after a two-week long period to exercise the right.
KB will have up to a 22% stake, securing its position as the second largest shareholder. Its exact stake will be finalized on July 26.
KB entered into a contract on June 26 to purchase new shares and was approved on June 29 as an eligible institution to acquire new shares.
Bank Bukopin is the 14th largest bank in Indonesia by capital, and it is focused on individuals and small and medium-sized corporations.
Upon completion of the acquisition procedure, KB will be re-entering the Indonesian market in 10 years after the sale of its stake in BII Bank of Indonesia in 2008.