,Singapore

Korea's IBK gets go-ahead for takeover of 2 Indonesian banks

It is aiming to merge the two banks to launch IBK Indonesia within 2019.

The Industrial Bank of Korea has secured the approval from the Indonesian Financial Services Authority to acquire Agris and Mitraniaga Bank, The Korea Times reported.

IBK signed a conditional agreement with Agris Bank back in November 2017 to acquire a certain amount of stakes in the Indonesian bank.

Also read: Korea moves to ease banks' overseas expansion

"IBK is the first foreign bank to receive approval from Indonesia's financial authorities for acquiring two local banks at the same time," IBK said in a press release. “IBK will continue expanding its global networks to help domestic firms' entry into emerging markets."

Also read: Is Indonesia's bloated bank network prime for foreign takeover?

The state-run bank also revealed that it will push to immediately launch a a merger process between the two Indonesian banks to establish IBK Indonesia by the end of H1 2019.

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