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View all search resultsOJK approves Kookmin as Bukopin’s controlling shareholder
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.
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T
he 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 June. The bank’s consolidated short-term liquidity coverage, known as the liquidity coverage ratio (LCR), stood at 112.03 percent in the first three months of the year, while its consolidated long-term liquidity coverage, known as the net stable funding rate (NSFR), stood at 100.31 percent.
Both figures were nearing the OJK’s minimum threshold of 100 percent.
The bank later issued a statement on June 25, explaining the implementation of withdrawal limits at several branches were “situational” so that the bank could still allow customers to make transactions.
