Korea’s KB Kookmin Bank to acquire Cambodian micro lender Prasac for $603 mn

South Korea’s top commercial lender KB Kookmin Bank will acquire a 70 percent stake in Cambodia’s Prasac Microfinance Institution for $603.4 million to boost its footprint in Southeast Asian market.

The buyout deal was struck during visit to the country by Hur Yin, chief executive of the Korean lender, bank sources said Thursday.

KB Kookmin Bank will purchase the remaining 30 percent stake two years later to wholly own the micro lender. It aims to close the deal in two to three months after due diligence.

In full: https://pulsenews.co.kr/view.php?sc=30800028&year=2019&no=1088792

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