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KB Kookmin Bank closes acquisition of 22% stake in Indonesian bank

KB Kookmin Bank on July 27 completed the acquisition of a 22% stake in Indonesia's PT Bank Bukopin Tbk, The Asia Economic Daily reported.

The South Korean bank signed a contract to buy the stake in the Indonesian bank in June and obtained approval from the Financial Services Authority of Indonesia in the same month. Under the contract, KB Kookmin Bank agreed to pay 1.91 trillion rupiah to buy shares of Bank Bukopin in a rights issue.

The stake purchase makes the KB Financial Group Inc. unit the second-largest shareholder of Bank Bukopin.

As of July 27, US$1 was equivalent to 14,356 Indonesian rupiah.