News
- Obtained approval for simultaneous acquisition of two banks in Indonesia 2018.12.31
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- Agris Bank · Mitraniaga Bank merger begins ... IBK Indonesia Bank will be launched in the first half of next year
The Industrial Bank of Korea received approval to take over Indonesia's local bank and is now one step closer to the construction of the 'IBK Asia Financial Belt'.
IBK Industrial Bank of Korea (Chairman Kim Do-jin) announced on January 31 that it has obtained approval from the Indonesian Financial Authority (OJK) to acquire Agris Bank and Mitraniaga Bank.
Industrial Bank of Korea is the first bank to receive approval for the simultaneous acquisition of two banks in Indonesia. One year is also the shortest time to obtain approval for the acquisition, from the signing of a conditional share purchase agreement with Agris Bank last November.
The Industrial Bank of Korea started the merger process of two banks at the same time of the acquisition approval. IBK Indonesia Bank will be launched in the first half of next year, and early stabilization and localization strategy will be pursued.
Both banks are as listed companies with headquarters in Jakarta, and there are 23 Agris banks and 13 Mitraniaga banks across Indonesia. Especially Agris Bank is a small bank (BUKU1), but it holds a foreign exchange license, making it possible to support the export and import businesses of small and medium sized enterprises that have entered the local market.
The chairman of the bank, Kim Do-jin, who has handpicked the global business sector as one of the future growth engines of the bank and has put tremendous efforts to establish the "IBK Asia Financial Belt" since the beginning of his inauguration, will be the first in the history of the bank to acquire and merge with foreign banks.
"We expect the two banks to create synergies in terms of customers and networks," an official at IBK said. "We will strive to expand our global network centered on countries where domestic SMEs have actively entered."
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