Korean bank to buy control of LOLC’s Cambodian microfinance arm for $ 603.4 m

Korea Herald reports KB Kookmin as saying will close the deal within 3 months, after due diligence and approval from financial authorities in Korea and Cambodia

A Korean bank is to buy LOLC’s Cambodian microfinance arm for a staggering $ 603.4 million or Rs. 108.5 billion, subject to regulatory approval.

The Korean firm is KB Kookmin Bank, which said its Board has agreed to buy 70% stake in Cambodia’s PRASAC Microfinance Institution for $ 603.4 million from LOLC.

PRASAC Microfinance is the No. 1 microfinance deposit-taking institution, taking up over 40% of market share in Cambodia with 177 branches.

In full: http://www.ft.lk/front-page/Korean-bank-to-buy-control-of-LOLC-s-Cambodian-microfinance-arm-for-603-4-m/44-692529

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