JB Financial enters Indonesia, eyes EV finance as new growth engine

JB Financial Group won regulatory approval to acquire a majority stake in an Indonesian finance company, completing a key step toward establishing a foothold in Southeast Asia’s largest economy, the company said Monday. The Indonesian Financial Services Authority gave its approval after the group’s affiliate, JB Woori Capital, signed a share purchase agreement with PT Bank KB Indonesia, KB Kookmin Bank’s Indonesian subsidiary, in July last year to acquire an 85 percent stake in KB Bukopin Finance for about 29 billion won ($22 million). The approval completes the key regulatory procedures required to close the deal. It will allow JB Financial Group to accelerate its expansion across Southeast Asia by adding Indonesia to its existing operations in Cambodia, Myanmar and Vietnam. JB Financial aims to complete the acquisition by the end of this year and subsequently rebrand the company, with the new name expected to be finalized in December. Established in 1983, KB Bukopin Finance offers a broad range of lending services in Indonesia, with corporate and working capital financing forming