KBank buys 10 percent stake in Bank Maspion Indonesia
(28 August 2017 – Thailand) Thailand’s fourth largest commercial bank, KBank, has acquired a 9.99 percent stake in Bank Maspion Indonesia for US$20 million (A$25 million) to help strengthen its regional presence.
The price paid was 615 rupiah (US$0.0461) per share, nearly 62 percent premium to the stock’s closing price on Friday.
“Bank Maspion is the best partner for Kbank to establish a presence in the Indonesian market,” Kbank president Predee Daochai said.
The move would increase Kbank’s presence in Southeast Asia, China, Japan and South Korea, which it considers a crucial market for Thai businesses, according to a company statement.
Kbank already has a partnership with Indonesia’s top lender, Bank Central Asia.
Bank Maspion would benefit from Kbank’s expertise in digital banking and SME banking operations, said President Director and CEO of Maspion Group in a statement.
Indonesia’s banking sector limits foreign ownership of a financial institution to 40 percent.
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