Bo-eun leads the digital content team. She has covered foreign affairs, North Korea, tech, economy and gender issues at The Korea Times. She did a short stint at the South China Morning Post in Hong Kong, where she obtained a new perspective on news production and life. Small sources of joy for her are lounging in the sun, having a good latte and swimming.
IBK to launch IBK Indonesia in September
Industrial Bank of Korea Chairman Kim Do-jin / Korea Times file
By Kim Bo-eun
By Kim Bo-eun
Industrial Bank of Korea (IBK) will launch its corporate body in September, as it has received approval from the Indonesian financial authorities to merge two Indonesian banks it took over in January, IBK said, Sunday.
The state-run lender said in a statement that the Indonesian authorities gave the green light to unite the two lenders ― Agris and Mitraniaga Bank ― into one new entity.
The approval came eight months since authorities issued approval in January for IBK to acquire the two banks.
Through the merger, IBK plans to launch IBK Indonesia Bank next month. The bank is set to financially assist not only Korean businesses there, but also local Indonesian businesses.
IBK's plan is to increase the number of branches there from 30 to 55 by 2023.
This is in line with IBK's vision to expand its presence in the fast-growing region of Southeast Asia.
“Indonesia is a key partner of the government's renewed policy focus on Southeast Asia, and around 2,000 Korean firms have a presence there,” an IBK official said.
“We will also push forward with plans to establish a subsidiary in Vietnam and enter Myanmar, to compete the IBK Asia Financial Belt and assist Korean SMEs' entry into foreign markets.”