KB Kookmin Bank Wraps Up Acquisition of Prasac in Cambodia

KB Kookmin Bank has completed the acquisition of Prasac Microfinance, Cambodia’s No. 1 microfinance deposit-taking institution (MDI).

KB Kookmin Bank announced on April 12 that it has paid US$630 million for a 70 percent stake in Prasac. As a result, Prasac became an affiliate of KB Financial Group. The bank plans to acquire the remaining 30 percent stake to make Prasac a wholly owned subsidiary.

Prasak has a sales network of 180 branches in Cambodia. As of 2018, its market share stood at 41.4 percent. Its ROE was 29.4 percent, and its net income was about US$78 million. It is ranked third among all financial institutions in Cambodia, including commercial banks, and is evaluated as one of the best financial institution in Cambodia.

In full: http://www.businesskorea.co.kr/news/articleView.html?idxno=44119

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