Illustrative image (Photo: Internet) Hanoi (VNA) - KB Kookmin bank, the biggest retail lender of the Republic of Korea, announced on December 26 that it has decided to acquire Cambodia's largest microfinance company in its latest move to bolster its presence in Southeast Asia.
KB Kookmin's board of directors approved a plan to take over a 70 percent stake in Prasac Microfinance Institution Ltd. for 603 million USD, the bank said in a statement. KB also plans to acquire the remaining 30 percent stake in Prasac within the next two years.
Prasac Microfinance Institution operates 177 outlets across the country and it extends small loans to local customers and receives deposits, a KB Kookmin spokesperson said.
In its earlier efforts to enter the Southeast Asian microfinance markets, KB invested 98 million USD to gain a 22 percent stake in Indonesia's Bank Bukopin.
Prasac, the third-biggest lender in Cambodia in terms of loans, posted a net profit of 78 million USD last year, with its return on equity standing at 29.4 percent./.
KB Kookmin's board of directors approved a plan to take over a 70 percent stake in Prasac Microfinance Institution Ltd. for 603 million USD, the bank said in a statement. KB also plans to acquire the remaining 30 percent stake in Prasac within the next two years.
Prasac Microfinance Institution operates 177 outlets across the country and it extends small loans to local customers and receives deposits, a KB Kookmin spokesperson said.
In its earlier efforts to enter the Southeast Asian microfinance markets, KB invested 98 million USD to gain a 22 percent stake in Indonesia's Bank Bukopin.
Prasac, the third-biggest lender in Cambodia in terms of loans, posted a net profit of 78 million USD last year, with its return on equity standing at 29.4 percent./.
VNA
