South Korea’s commercial lender KB Kookmin Bank said Thursday its board has agreed to acquire a 70 percent stake in Cambodia’s lender Prasac Microfinance Institution for $603.4 million from Sri Lanka-based nonbanking lender LOLC Holdings.
Prasac Microfinance is the No. 1 microfinance deposit-taking institution, taking up over 40 percent of market share in Cambodia with 177 branches.
KB Kookmin will close the deal within three months, after a due diligence and approval from financial authorities in Korea and Cambodia.
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