Korea's IBK gets go-ahead for takeover of 2 Indonesian banks

It is aiming to merge the two banks to launch IBK Indonesia within 2019.

The Industrial Bank of Korea has secured the approval from the Indonesian Financial Services Authority to acquire Agris and Mitraniaga Bank, The Korea Times reported.

IBK signed a conditional agreement with Agris Bank back in November 2017 to acquire a certain amount of stakes in the Indonesian bank.

Also read: Korea moves to ease banks' overseas expansion

"IBK is the first foreign bank to receive approval from Indonesia's financial authorities for acquiring two local banks at the same time," IBK said in a press release. “IBK will continue expanding its global networks to help domestic firms' entry into emerging markets."

Also read: Is Indonesia's bloated bank network prime for foreign takeover?

The state-run bank also revealed that it will push to immediately launch a a merger process between the two Indonesian banks to establish IBK Indonesia by the end of H1 2019.

Also Read

Krungthai Bank to temporarily shutter Thepprasit Road (Pattaya) branch

Thailand’s Krungthai Bank temporarily closes two branches

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia