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Bank of East Asia to sell stake in microfinance firm to KB Kookmin Bank

Bank of East Asia Ltd. agreed to sell its entire 21% stake in Cambodia's PRASAC Microfinance Institution Ltd. to KB Kookmin Bank for an undisclosed amount.

The transaction is subject to approvals from South Korea's Financial Services Commission and the National Bank of Cambodia, according to a Jan. 7 release.

The move comes after the South Korean lender agreed to acquire a 70% stake in the microfinance firm from Sri Lanka-based LOLC Holdings Plc for US$603.4 million.

Under the divestment plan, shareholders of the microfinance firm have a put option to sell, while KB Kookmin Bank has a call option to acquire the remaining 30% stake in the PRASAC Microfinance, exercisable on and subject to the terms of the deal following the finalization the company's audited accounts for the year ending Dec. 31, 2021.