JB Financial Group has completed key regulatory procedures to enter the Indonesian financial market. The company plans to expand its operations centered on automotive financing through a local finance company and to launch specialized services such as financing for electric bicycles.
On September 7, JB Financial Group announced that it received approval from the Indonesian Financial Services Authority (OJK) for the change of major shareholders in PT KB Bukopin Finance, a local finance company.
Previously, JB Woori Capital signed a stock purchase agreement in July of last year to acquire an 85% stake in KB Bukopin Finance for approximately 29 billion won from KB Kookmin Bank's Indonesian subsidiary, PT Bank KB Indonesia Tbk (KBI).
Established in 1983, KB Bukopin Finance specializes in corporate financing and working capital loans. As of the end of last year, it operated its headquarters in Jakarta and eight branches, with total assets amounting to 11.604 trillion rupiah (approximately 928 million won), a 78.7% increase from the previous year. The company reported a net profit of 19.131 billion rupiah (about 1.5 million won).
JB Financial plans to leverage JB Woori Capital's automotive financing, corporate financing, credit evaluation, and risk management capabilities to expand its business in the region.
In particular, the company aims to develop financing for electric bicycles as a new growth area. Once the acquisition process is finalized, JB Financial will also complete its investment in the Indonesian subsidiary of AI-based fintech company Aigen Global, with which it signed a new share subscription agreement last year, and will begin collaboration.
Kim Ki-hong, Chairman of JB Financial Group, stated, "This acquisition marks a significant turning point for JB Financial Group in establishing a long-term growth foundation in Indonesia. We will combine JB Woori Capital's lending and risk management capabilities with Aigen Global's data-driven mobility expertise to create a differentiated local business model."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.