KBank acquires additional investments in Bank Maspion
KASIKORNBANK FINANCIAL CONGLOMERATE has acquired additional investments in PT Bank Maspion Indonesia Tbk (Bank Maspion) in Indonesia through KASIKORN VISION FINANCIAL PTE. LTD. (KVF) and PT. KASIKORN VISION FINANCIAL INDONESIA.
Following the capital injection, the post-investment valuation of Bank Maspion stands at 15.441 billion Baht, an increase of 8.0 billion Baht. Therefore, the subsidiaries increased its stake in Bank Maspion to 84.55 percent, from 67.68 percent, reaffirming its position as a controlling shareholder in this Indonesian bank. The move also reinforces KBank’s goal of becoming the largest bank in East Java.
Mr. Pattarapong Kanhasuwan, Chairman of KASIKORN VISION FINANCIAL COMPANY PTE. LTD. (KVF), said, “KASIKORNBANK FINANCIAL CONGLOMERATE initially acquired a stake in Bank Maspion in 2017. In the latest development, the subsidiaries have acquired additional shares in Bank Maspion, increasing its stake to 84.55 percent. The valuation of Bank Maspion after the capital injection amounted to 15.441 billion Baht, increasing 8.0 billion Baht. This strategic move will contribute significantly to the continuous growth of Bank Maspion, strengthening its operations and enhancing its customer service capabilities, while fortifying KBank’s position as the controlling shareholder of Bank Maspion.”
KBank has leveraged its more than 78 years of experience in the banking business, along with its capability and expertise in financial innovations and technologies, to cement Bank Maspion’s strengths in all aspects. Such endeavors are intended to ensure that Bank Maspion becomes a “Right Financial Partner” that can provide services beyond traditional financial products in order to support the growth of customers’ businesses and facilitate Indonesia’s long-term economic growth through the implementation of business strategies that focus on three customer segments, namely corporate, SME and retail.
Corporate customer segment has exhibited bright growth prospects and is a major driver of the Indonesian economy. With that in mind, KBank intends to enhance Bank Maspion’s service provision capability and deepen client relationships in order to be a potential source of financing and offer comprehensive banking services.
For the SME customer segment, KBank has developed and improved products and services to make it easier to audit income, approve loans and lift various restrictions in order to respond to customers’ needs more quickly while also maintaining the security of related transactions. KBank is planning to offer P2P lending soon, as well.
As for the retail customer segment, KBank aims to expand its retail customer base through the design and development of various products and services, including Payroll, QRIS (Indonesian Standard QR Payment), deposit accounts, and personal loans, while introducing marketing campaigns to meet the diverse needs and behaviors of retail customers in their daily lives.
Mr. Pattarapong added that the capital injection is in alignment with the Bank’s strategy of business expansion to become A Regional Bank of Choice within AEC+3. The focus is on enhancing capabilities in financial innovations and technologies to provide services beyond banking solutions in response to current changes. KBank’s competitive advantage of a service network in key strategic areas across the region will strengthen connectivity between Indonesia and the AEC+3 market. The effort is in line with KBank’s goal of becoming the largest bank in East Java by 2027.
