SEOUL, July 20 (Yonhap) — KB Kookmin Bank, South Korea’s largest retail lender, said Monday that it has decided to acquire an additional 45-percent stake in Bank Bukopin in Indonesia.
The decision — made at the bank’s board meeting on Thursday — will raise the South Korean lender’s stake in Bank Bukopin, a mid-sized institution, to 67 percent by the end of August, making the South Korean bank the largest shareholder of Bank Bukopin.
KB Kookmin Bank did not provide the value of the stake purchase.
The move came two years after KB Kookmin Bank acquired a 22-percent stake in Bank Bukopin in the latest move to strengthen its presence in the emerging country.
Bank Bukopin experienced bank runs in recent weeks, due mainly to growing cash demand amid the coronavirus pandemic.
The cash withdrawals have since stabilized with the news of KB Kookmin Bank becoming the majority shareholder of Bank Bukopin.
Indonesian conglomerate Bosowa Corp. currently holds a 23.4-percent stake in Bank Bukopin.