South Korea’s Kookmin to take controlling stake in Indonesia’s Bank Bukopin

Indonesian currency Rupiah on hold by a cashier. Photo: Reuters

South Korea’s KB Kookmin Bank plans to take a controlling stake in Bank Bukopin, Indonesia’s Financial Services Authority (OJK) said in a statement, noting the mid-sized lender needed to strengthen its capital and liquidity.

OJK said it backed the plan but it still needed to meet regulatory requirements. The regulator did not provide financial details or specify whether Kookmin would acquire the stake from existing shareholders or if Bukopin would issue new shares.

CNBC Indonesia reported Bukopin was discussing a potential rights issue with its major shareholders, including Indonesian conglomerate Bosowa and Kookmin, to strengthen its capital.

Bosowa is the bank’s biggest shareholder with a 23.4% stake, while Kookmin is currently the second largest with a 22% stake, according to Bukopin’s website.

Kookmin and Bosowa could not immediately be reached for comment.

A spokeswoman for Bukopin said the bank was awaiting the OJK’s decision on the issue.

Bukopin booked a net profit of 53.7 billion rupiah ($3.64 million) in the first quarter, down 2% from the same period a year earlier. It managed total assets of 100.8 trillion rupiah ($6.83 billion) as of end-March.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.