South Korea’s KB Kookmin Bank on Sunday said it received final approval on Friday from Cambodia’s Ministry of Commerce to launch the integrated commercial bank KB Prasac Bank.
On July 16, Kookmin received a permit for a merger between its financial subsidiaries in Cambodia: Prasac Microfinance and KB Cambodia Bank.
Kookmin launched the commercial KB Cambodia Bank in 2009 to enter the Cambodian market. In April 2020, Kookmin bought a 70% stake in the micro-loan company Prasac Microfinance and acquired all remaining shares in October 2021.
As of late last year, Prasak Microfinance ranked second in net profit and fourth in assets among all Cambodian financial companies.
Kookmin will expand the infrastructure of the retail finance-focused Prasac Microfinance so that it enters other fields like corporate finance through the integrated bank.
Write to Bo-Hyung Kim at
kph21c@hankyung.com
