KB Kookmin Bank said at a board meeting on August 12 that it will increase its capital increase amount to 400 billion won, which is 67% of PT Bank KB Bukopin Tbk (BBKP)'s stake.
KB Kookmin Bank acquired a 22% stake in BBKP in July 2018, becoming the second largest shareholder, and secured the largest shareholder status and management rights by securing a 67% stake in September last year.
BBKP ranks 19th in asset size among 115 commercial banks in Indonesia. It is about twice the size of other Korean banks that have entered Indonesia since the 1990s.
It has a wide range of networks including 510 networks and 832 ATMs throughout Indonesia. In October last year, the rating agency Fitch Indonesia gave AAA credit ratings.
Recently, four executives, including Choi Chang-soo, a former KB bank president, have been appointed to further strengthen the management rights of BBKP.
"BBKP will be able to support Indonesia's economic growth in the future with this capital increase," a KB Kookmin Bank official said. "We have laid the foundation to be the Indonesia's best bank in the long run."
