April 25, 2024

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[THE INVESTOR] KB Kookmin Bank said on July 30 it has acquired a 22 percent stake in Bank Bukopin of Indonesia, making it the second-largest shareholder of the lender.

With the acquisition, KB Kookmin Bank reentered the Indonesian market, 10 years after it sold a controlling stake in Bank International Indonesia.

Bank Bukopin is a midsized lender specialized in retailing banking services for individuals, and small and medium-sized enterprises, according to KB Kookmin Bank.

KB Kookmin Bank said it will help the Indonesia lender bolster its operations in household lending, digital banking and risk management.

Korean financial firms have stepped up their businesses in Southeast Asia in line with President Moon Jae-in‘s diplomatic efforts to deepen ties with nations in the region.

Moon unveiled his diplomatic policy initiative last November as Korea seeks to ease its trade and economic reliance on China.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)