South Korea's KB Kookmin Bank received approval from the Financial Services Authority of Indonesia to acquire up to a 22% stake in PT Bank Bukopin Tbk, The Chosun Ilbo reported July 2.
The KB Financial Group Inc. unit on June 26 signed a contract with Bank Bukopin to acquire new shares as part of the Indonesian bank's rights issue in July. As part of the issue, the bank will offer 2.7 billion shares to raise up to 1.91 trillion rupiah.
KB Kookmin Bank's participation in the rights issue will give it an up to 22% stake in the Indonesian bank. The stake purchase is expected to be finalized July 26, and will make the South Korean bank the second largest shareholder of Bank Bukopin.
The stake purchase will mark KB Financial Group's return to Indonesia following the disposal of its stake in PT Bank Internasional Indonesia, now PT Bank Maybank Indonesia Tbk, in 2008.