KASIKORNBANK Increases Stake in Indonesia’s Bank Maspion to 84.55%by Fintech News Indonesia November 22, 2023
KASIKORNBANK Financial Conglomerate, through its subsidiaries, has increased its investment in PT Bank Maspion Indonesia Tbk, raising its ownership to 84.55% to be its largest shareholder. This is in line with KBank’s goal of becoming the largest bank in East Java by 2027.
This latest investment increases the valuation of Bank Maspion to 15.441 billion Baht (approximately US$438 million), a significant rise of 8.0 billion Baht (US$226.8 million).
Following its increased investment in Bank Maspion, the conglomerate is set to bolster its service offerings across various customer segments.
With the corporate customer segment being its primary focus, KBank plans to enhance Bank Maspion’s capabilities in this area, aiming to strengthen client relationships and provide a wider range of financing options and comprehensive banking services.
In the SME sector, KBank is introducing improved products and services designed to simplify financial processes like income auditing and loan approvals. Additionally, KBank is gearing up to introduce peer-to-peer (P2P) lending soon.
The retail customer segment is also a focus for expansion. KBank intends to grow its retail customer base by developing a variety of products and services. These include payroll solutions, QRIS (Indonesian Standard QR Payment), deposit accounts, and personal loans. Tailored marketing campaigns are also in the pipeline, aimed at addressing the varied needs and lifestyles of retail customers.
Pattarapong Kanhasuwan, Chairman of the conglomerate’s subsidiary Kasikorn Vision Financial (KVF) said,
“ 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.”