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KB Financial denies report regarding acquisition of Indonesian bank

KB FinancialGroup Inc. denied a South Korean media report that said the bankinggroup is looking to acquire an Indonesian bank.

The Korea EconomicDaily on July 18 reported, citing "industry sources," that KBFinancial was conducting a review to acquire Indonesia's .

The sources said the South Korean group was reviewingacquisition conditions to take over Bank Sinarmas, while surveying theIndonesian market.

However, two officials from the South Korean banking groupdenied the report.

"[The report] is obviously wrong," a spokesman ofKB Financial told S&P Global Market Intelligence. "Weasked the publication to fix the report."

Another spokesman from the group's global businessdepartment said in an interview that the group has not conducted any review forthe acquisition of the Indonesian bank.

South Korean banking groups have been to make inroads in the SoutheastAsian region as they seek higher net interest margins and look to offset thenegative impact of low interestrates at home.

KB Financial's competitors, ,Hana Financial GroupInc. and WooriBank, have all previously acquired local banks in Indonesia.