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IBK receives approval to buy two banks in Indonesia

Jan 01,2019
The state-run Industrial Bank of Korea (IBK) said Monday that it has received approval to take over two listed Indonesian banks. The Financial Services Authority of Indonesia approved IBK’s acquisition of Bank Agris and Bank Mitraniaga, according to the lender.

Jakarta-based Bank Agris has 23 retail and commercial branches across the Southeast Asian country, and Bank Mitraniaga has 13. Earlier this year, IBK obtained majority shares of the two Indonesian banks as part of its plan to expand overseas. The Korean bank said a local unit of IBK Indonesia will be launched within the first half of 2019.