Jakarta-based PT Bank IBK Indonesia Tbk started operation on Sept. 19, Yonhap News Agency reported, citing parent Industrial Bank of Korea.
Bank IBK Indonesia is based on the merger of PT Bank Agris Tbk and PT Bank Mitra Niaga Tbk.
Industrial Bank of Korea acquired the two Indonesian banks in January and received merger approval from the Financial Services Authority of Indonesia in August.
Bank IBK Indonesia will specialize in lending to small and medium enterprises and provide banking support for South Korean companies doing business in Indonesia.
The South Korean policy bank plans to derive 25% of its overseas income from Bank IBK Indonesia in 2023 by increasing the number of its branches to 55 from the current 30.
