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View all search resultsBukopin eyes South Korean customers after KB Kookmin Bank’s takeover
KB Kookmin Bank is officially named Bank Bukopin’s controlling shareholder after it injected US$780 million through two corporate actions.
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ublicly listed Bank Bukopin is eyeing to lure South Korean customers in an effort to improve its liquidity and regain customers’ trust following a takeover by KB Kookmin Bank.
The privately owned bank plans to use the funds from the Korean customers to pay for the pending transaction and help to improve its reputability.
“We’ve received about Rp 1.6 trillion [US$113.97 million] in savings from our Korean customers in the past two months and there are still Rp 2 trillion in the pipeline by the end of this year,” Bank Bukopin chief strategic officer Jikyu Jang said during an online press briefing on Monday.
He cited the bank’s new Korean-link business group, established after South Korea’s KB Kookmin Bank was named as the bank’s controlling shareholder, as the reason why it managed to attract so much funds to the bank.
KB Kookmin Bank was officially named Bank Bukopin’s controlling shareholder after it injected US$780 million through two corporate actions, a rights issue in August and a private placement in September. Those actions increased the South Korean bank’s stake from 22 percent to 67 percent.
KB Kookmin Bank is part of South Korea’s biggest financial group, KB Financial Group, which has about $500 billion in assets.
Bank Bukopin president director Rivan Purwantono added that the bank would focus on attracting more Korean customers, especially Korean companies, to help the bank realize its plan to rely more on low-cost funding.
