(Bangkok Post file photo)
Kasikornbank has taken a 9.99% stake in Bank Maspion Indonesia for US$20 million to help strengthen its regional presence, the bank said on Monday.
The price paid was 615 rupiah (S$0.06) per share, nearly 62% premium to the stock’s closing price on Friday. The shares traded over 2% higher on Monday.
“Bank Maspion is the best partner for Kbank to establish a presence in the Indonesian market,” KBank president Predee Daochai said in a statement, noting its activity in logistics and property development.
The move would increase KBank’s presence in Southeast Asia, China, Japan and South Korea, which it considers a crucial market for Thai businesses, according to a company statement.
KBank already has a partnership with Indonesia’s top lender, Bank Central Asia.
Bank Maspion would benefit from KBank’s expertise in digital banking and SME banking operations, said president director and CEO of Maspion Group in a statement.
Indonesia’s banking sector limits foreign ownership of a financial institution to 40%.