Bosowa Group to Discontinue Suit against KB Kookmin Bank

Bosowa Group, which was the largest shareholder in Bank Bukopin, dropped its 1.6 trillion won damage suit against KB Kookmin Bank on June 7.

In addition, Bosowa Group accepted the result of its administrative litigation against the financial supervisory authority of Indonesia. The group claimed damages against the South Korean bank and the authority in January this year, claiming that the former violated Indonesian laws in acquiring Bank Bukopin.

KB Kookmin Bank acquired 67 percent of the Indonesian bank and became the largest shareholder in it in August last year. Bosowa Group is currently the second-largest shareholder with a holding of 11.6 percent.