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Jakarta Post

OJK approves Kookmin as Bukopin’s controlling shareholder

  • Riska Rahman

    Jakarta

Jakarta   /   Sat, August 8 2020   /  01:00 am
Banking affairs: A customer fills out a document at Bank Bukopin on Jl. MT Haryono in South Jakarta on Wednesday. The Financial Services Authority approved on Tuesday Bank Bukopin’s rights issue, the proceeds of which will be used for working capital to increase credit. (JP/Wendra Ajistyatama)

The Financial Services Authority (OJK) has approved South Korea’s KB Kookmin Bank to be one of publicly listed Bank Bukopin’s controlling shareholders. The OJK announced the decision on Wednesday after Bank Bukopin concluded its rights issue process on Tuesday, in which Kookmin injected Rp 1.46 trillion (US$100.12 million) in fresh funds to Bukopin to strengthen the latter’s capital and support its business. The injection also increases Kookmin Bank’s stake in Bank Bukopin to 33.9 percent from previously 22 percent. “This decision also makes Kookmin Bank’s parent company, South Korea’s biggest financial firm KB Financial Group (KBFG), Bank Bukopin’s ultimate shareholder,” the OJK said in a statement. Bukopin has been facing liquidity issues as several customers reportedly faced difficulties in withdrawing their money in Ju...