ID :
22199
Wed, 10/01/2008 - 20:45
Auther :
Shortlink :
http://m.oananews.org//node/22199
The shortlink copeid
Kookmin Bank sells stake in Indonesian bank for US$309 mln
SEOUL, Oct. 1 (Yonhap) -- South Korea's top lender Kookmin Bank said Wednesday it has sold its 13.89 percent stake in PT Bank International Indonesia (BII) to Malaysia's leading bank for US$309 million.
The stake sale to Malayan Banking Berhad (Maybank) has fetched Kookmin Bank
almost a five-fold return.
In a consortium with Singapore's Temasek Holdings Pte and other foreign financial
institutions, Kookmin bought the stake for 70 billion won ($58.9 million) in 2003
in a bid to diversify its revenue sources.
Early this year, Kookmin received an offer from Temasek to sell its BII stake as
Temasek, the largest shareholder in BII, agreed to sell Indonesia's No. 6 bank to
Maybank.
Late last month, Kookmin, which has assets of 258 trillion won, transformed
itself into a holding company named KB Financial Group Inc. as part of efforts to
beef up its non-banking business.
The stake sale to Malayan Banking Berhad (Maybank) has fetched Kookmin Bank
almost a five-fold return.
In a consortium with Singapore's Temasek Holdings Pte and other foreign financial
institutions, Kookmin bought the stake for 70 billion won ($58.9 million) in 2003
in a bid to diversify its revenue sources.
Early this year, Kookmin received an offer from Temasek to sell its BII stake as
Temasek, the largest shareholder in BII, agreed to sell Indonesia's No. 6 bank to
Maybank.
Late last month, Kookmin, which has assets of 258 trillion won, transformed
itself into a holding company named KB Financial Group Inc. as part of efforts to
beef up its non-banking business.
