JAKARTA (TheInsiderStories) - The Industrial Bank of Korea is seeking an opportunity to acquire an Indonesian bank, as part of its long-term strategy to become a bigger financial player in Asia, the head of IBK quoted by Korea Herald. Kim Do-jin, CEO of the IBK, said at a news conference in Seoul, Indonesia is the only country where IBK does not have a branch among countries that more than 1,000 South Korean companies have made inroads.
He denied to give out names publicly but admitted have selected a strategic partner to pick a target bank, a legal partner and an accounting firm for due diligence. The state-run lender, which focuses on corporate lending for small and medium-sized companies, originally had a branch in Indonesia but withdrew it in the wake of the 1997-1998 Asian financial crisis. Rising financial needs among Korean SMEs there have led the bank to seek to re-enter the market, Kim said. (*)