The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Thu, August 11, 2022 | 17:41
Companies
KB Kookmin Bank expands presence in Cambodia, Myanmar
Posted : 2020-04-12 16:13
Updated : 2020-04-12 20:07
Print Preview
Font Size Up
Font Size Down
KB Kookmin Bank CEO Hur Yin
KB Kookmin Bank CEO Hur Yin
By Park Jae-hyuk

KB Kookmin Bank has gained two important footholds for its continuous expansion in Southeast Asia ― Cambodia and Myanmar.

The KB Financial Group's banking unit said Sunday it finished paying $603 million Friday for a 70 percent stake in Prasac Microfinance Institution, the largest microfinance deposit-taking institution in Cambodia.

The recent takeover allowed KB Financial to include Prasac in its subsidiaries.

KB Kookmin, which has pushed forward the Prasac takeover since its board of directors agreed on the plan in December 2019, said it will additionally acquire the remaining 30 percent stake in the Cambodian financial firm.

According to the Korean bank, Prasac has around 180 networks in the Southeast Asian country, with a 41.4 percent market share and a 29.4 percent return on equity in 2018. Its net income amounted to $78 million that year.

"The recent acquisition of Prasac will be a significant turning point for our bank to expand the Asian retail networks," a KB Kookmin official said. "In the long run, we aim to become the leading bank in Cambodia by transforming Prasac into a commercial bank."

In Myanmar, KB Kookmin received a preliminary approval for a banking license Thursday, along with state-run Korea Development Bank and Industrial Bank of Korea.

The bank expects to receive a final approval after completing a nine-month preparatory period.

If it receives final approval, KB Kookmin will be allowed to establish up to 10 branches in Myanmar and conduct all types of banking, including corporate and retail finances.


Emailpjh@koreatimes.co.kr Article ListMore articles by this reporter
 
LG
  • Korea urged to take preemptive steps to deal with climate change-induced disasters
  • What Seoul's worst rainfall in 115 years looked like
  • Musinsa's new store becomes hot spot in southern Seoul
  • Flood damage to vehicles during torrential rain to hit insurers
  • 'Children must play right now'
  • Bill Gates expected to meet with top business leaders in Korea
  • Seoul reiterates that '3 Nos' policy is not commitment to China
  • Han River sunset cruise: Seoul's new tourist focal point
  • [INTERVIEW] Polish arms deal may well lead to greater opportunities for Korea: expert
  • Samsung aims to attract more users with new foldable phones
  • Interactive News
  • With tough love,
  • 'Santa dogs' help rebuild burnt forests in Andong
  • 'Santa dogs' help rebuild burnt forests in Andong
  • A tale of natural wine
    • 'Good Doctor' director to debut Netflix's high-strung suspense series, 'A Model Family' 'Good Doctor' director to debut Netflix's high-strung suspense series, 'A Model Family'
    • Death of young webtoon artist sparks controversy over harsh working conditions Death of young webtoon artist sparks controversy over harsh working conditions
    • Musical 'Kinky Boots' tells people to love themselves as they are Musical 'Kinky Boots' tells people to love themselves as they are
    • Crime thriller 'Limit' is about mother's quest to save abducted son Crime thriller 'Limit' is about mother's quest to save abducted son
    • From P1Harmony to Zico, K-pop hotshots to perform in Abu Dhabi next month From P1Harmony to Zico, K-pop hotshots to perform in Abu Dhabi next month
    DARKROOM
    • Ice is melting, land is burning

      Ice is melting, land is burning

    • Tottenham 6-3 Team K League

      Tottenham 6-3 Team K League

    • Afghanistan earthquake killed more than 1,000

      Afghanistan earthquake killed more than 1,000

    • Divided America reacts to overturn of Roe vs. Wade

      Divided America reacts to overturn of Roe vs. Wade

    • Namaste: Yogis to celebrate International Yoga Day

      Namaste: Yogis to celebrate International Yoga Day

    The Korea Times
    CEO & Publisher : Oh Young-jin
    Digital News Email : webmaster@koreatimes.co.kr
    Tel : 02-724-2114
    Online newspaper registration No : 서울,아52844
    Date of registration : 2020.02.05
    Masthead : The Korea Times
    Copyright © koreatimes.co.kr. All rights reserved.
    • About Us
    • Introduction
    • History
    • Location
    • Media Kit
    • Contact Us
    • Products & Service
    • Subscribe
    • E-paper
    • Mobile Service
    • RSS Service
    • Content Sales
    • Policy
    • Privacy Statement
    • Terms of Service
    • 고충처리인
    • Youth Protection Policy
    • Code of Ethics
    • Copyright Policy
    • Family Site
    • Hankook Ilbo
    • Dongwha Group