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Indonesia's Bank Maspion shares jump after Thai Kbank investment

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BANGKOK : Shares of PT Bank Maspion Indonesia TBK rose more than 10 per cent on Monday morning after Thailand's Kasikornbank Pcl (Kbank) said it would invest up to $220 million to become the lender's largest shareholder. The Thai lender, which bought 10 per cent of Bank Maspion Indonesia in 2017 for $20 m

BANGKOK : Shares of PT Bank Maspion Indonesia TBK rose more than 10 per cent on Monday morning after Thailand's Kasikornbank Pcl said it would invest up to $220 million to become the lender's largest shareholder.

The Thai lender, which bought 10 per cent of Bank Maspion Indonesia in 2017 for $20 million, said in a filing that it would invest up to $220 million to reach a shareholding of at least 67.5 per cent. Kbank, Thailand's second-largest lender by assets, expects the transaction to be finalised by the end of the year.

The announcement comes as Thai lenders invest outside their home turf, seeking more growth in Southeast Asia. Last year, Kbank opened its first branch in Vietnam.Source: Reuters

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