Kasikornbank to Make Bank Maspion the Largest Bank in East Java
PT Bank Maspion Indonesia Tbk (BMAS) and Kasikornbank Public Company Limited (KBank) officially announced the acquisition schedule, followed by a rights issue. The entire acquisition and rights issue processes are expected to be completed on November 1, 2022.
According to KBank, the acquisition aligns with the company's plan to become a regional bank. Indonesia is the most significant player in the ASEAN Economic Community (AEC) region, with a vast population and more than US$1 trillion in GDP. Indonesia has attracted foreign investors, including Thai business people.
"Therefore, having a presence in Indonesia will allow KBank to serve Thailand-based businesses in Indonesia," KBank management said in a statement. Currently, the company operates in China, Hong Kong, Vietnam, Cambodia, and Laos and has representative offices in Myanmar and Japan.
After becoming Bank Maspion’s controlling shareholder, KBank will aggressively encourage the bank's lending in the next five years. "It aims to become the largest bank in East Java in 2027," KBank management stated in the company's Investor Relations News on May 30.