South Korea’s largest commercial lender KB Kookmin Bank said Wednesday it is now in the final stage of acquiring Indonesia-based Bank Bukopin.

The Seoul-headquartered bank said its shareholders have approved its purchase of 33.1 percent of new shares in Bank Bukopin. The latest deal came after the Korean bank bought a 22 percent stake in the Indonesian firm in 2018 and an additional 11.9 percent in July.

KB Kookmin said it has paid a combined 400 billion won ($337.1 million) over the past two years.

As for KB Koomin Bank’s participation in Bank Bukopin’s capital increase starting in July in return for its 45 percent stake the bank has already paid 534.2 billion Indonesian rupiah ($36.5 million) for the newly-issued 11.9 percent stake while it is waiting for the transaction of the remaining 33.1 percent stake in Bank Bukopin to reach a close.

KB Kookmin’s takeover deal can lay a groundwork for its parent KB Financial Group’s wider presence in Indonesia and can foster synergies between the group‘s affiliates dedicated to damage insurance, credits and nonbank loans.

Bank Bukopin was founded in 1970 and has since operated 412 retail branches across Indonesia, mainly targeting consumers and small enterprises. KB Kookmin vowed to bring its risk management and digital banking capabilities as a majority shareholder.

By Son Ji-hyoung (consnow@heraldcorp.com)