JB Financial Group has received final approval from local Indonesian financial authorities to acquire a specialized credit finance company in Indonesia. The move aims to expand its business portfolio in the Southeast Asian region, secure overseas market growth, and establish new growth drivers.
On the 7th, JB Financial announced that it was notified by the Indonesian Financial Services Authority (OJK) of approval for the change of major shareholder in 'PT KB Bukopin Finance'.
Previously, its subsidiary JB Woori Capital signed a share purchase agreement (SPA) last July to acquire 85% of KB Bukopin Finance shares held by KBI, a local subsidiary of KB Kookmin Bank, for approximately 29 billion won. With this regulatory approval from the authorities, the company has cleared key regulatory hurdles.
KB Bukopin Finance is a local financial institution established in 1983, offering various credit services including corporate financing and working capital loans. As of the end of last year, its total assets stood at 1.160496 trillion rupiah (approximately 92.8 billion won), with net income for the period reaching 19.131 billion rupiah (approximately 1.5 billion won).
JB Financial explained that this acquisition is not merely an expansion of overseas footholds but a strategic investment to secure a key hub in Southeast Asia. Indonesia is the most populous country in Southeast Asia, with an average annual economic growth rate reaching 5%.
After completing the acquisition process, JB Financial plans to finalize its equity investment in the Indonesian subsidiary of Aigen Global, an AI-based fintech company, and begin strategic collaboration in earnest. Aigen Global has been expanding its electric vehicle (EV) financing business in Indonesia using mobility data and recently disclosed cumulative EV financing achievements exceeding 17,000 units.
JB Financial Group intends to fully enter the EV financing market for owners of electric two-wheelers by combining Aigen Global's data and mobility operational capabilities with the acquired company's local business foundation. The group will offer loans for purchasing electric two-wheelers, credit loans, and battery purchase loans, planning to diversify its portfolio from a focus on corporate vehicle financing to the retail sector.
Kim Ki-hong, Chairman of JB Financial Group, stated, "This acquisition marks an important turning point for JB Financial in building a long-term growth foundation in Indonesia." He added, "By combining Woori Capital's credit and risk management capabilities with Aigen Global's data-driven mobility expertise on the local financial platform, we will create a differentiated local business model." He further emphasized, "We will secure sustainable growth drivers that ensure profitability and soundness."
Meanwhile, JB Financial has expanded its presence to Indonesia following its entry into Cambodia, Myanmar, and Vietnam, thereby broadening its financial business foundation across the entire Southeast Asian market.
in FINANCE
