Industrial Bank of Korea agreed to acquire 71.7% stake in PT Bank Mitraniaga Tbk from Willy Yonathan and Yeo Harry Yonantha.
April 24, 2018
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Industrial Bank of Korea (KOSE:A024110) agreed to acquire 71.7% stake in PT Bank Mitraniaga Tbk (IDX:NAGA) from Willy Yonathan and Yeo Harry Yonantha on April 24, 2018. The deal is subject to PT Bank Mitraniaga Tbk shareholders and Financial Services Authority of Indonesia approval. Bank Mitraniaga will seek shareholders' approval on the acquisition on May 25, 2018. As of December 31, 2018, Financial Services Authority of Indonesia has approved the transaction. The transaction is expected to be completed by May, at the earliest.
Industrial Bank of Korea is a Korea-based company principally engaged in the bank business. The Company operates its business through five segments. The Private Customer segment involves in the provision of services include receiving and providing loans to individual customers, as well as private banking (PB) business. The Corporate Customer segment engages in the in the provision of services such as receiving and providing loans to corporate customers, import and export business. The Financial Market segment is involved in the settlement, management and investment of Korean won and foreign currency. The Investment Banking (IB) segment is involved the overseas business and investment business. The Other segment provides insurance services including life insurance, non-life insurance and third-party insurance.
INDUSTRIAL BANK OF KOREA 
