‘Countdown’ to establishment of IBK Indonesia
‘Countdown’ to establishment of IBK Indonesia
  • Kim Min-jee
  • 승인 2018.04.26 11:03
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The Industrial Bank of Korea (President Kim Do-jin) announced on the 25th that it has signed a conditional share purchase contract with Mitraniaga Bank of Indonesia. 

The contract will be finalized after approval from the Indonesian regulatory authorities. The deal is the second since an agreement was signed with Agris Bank back in November of last year. 

Indonesia has an upper limit of 40 percent in its bank holding equities, and to exceed this, it must acquire two or more local banks. Through this acquisition, IBK will get close to establishing a local bank in Indonesia. 

In order to establish a local bank, IBK mush finalize the acquisition of Mitraniaga Bank, and it must be approved by the local financial authorities (OJK). Furthermore, Agris Bank and Mitraniaga Bank must go through a merger. 

Mitraniaga Bank, a small listed bank in Jakarta with 13 branch offices, is expected to create synergies with its first customer, Agris Bank, in terms of customers and networks. 

IBK is expanding its network in countries with active participation of domestic small and medium sized enterprises in order to implement partner banking abroad. IBK is planning to construct ‘IBK Asia’s financial belt’, connecting China, Japan, Vietnam, India, Philippines, and Cambodia.

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