The Korean firm is KB Kookmin Bank, which said its Board has agreed to buy 70% stake in Cambodia’s PRASAC Microfinance Institution for $ 603.4 million from LOLC.
PRASAC Microfinance is the No. 1 microfinance deposit-taking institution, taking up over 40% of market share in Cambodia with 177 branches.
A report in Korea Herald stated that KB Kookmin will close the deal within three months, after due diligence and approval from financial authorities in Korea and Cambodia.
Korean bank to buy control of LOLC’s Cambodian microfinance arm
A Korean bank is to buy LOLC’s Cambodian microfinance arm for a staggering $ 603.4 million or Rs. 108.5 billion, subject to regulatory approval.
Last modified on Thursday, 02 January 2020 14:52