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Dok/KBank
KBank Brings Banking Legacy And Regional Connectivity Expertise To Bank Maspion
Tuesday, 22 Oct 2024
With nearly 80 years of legacy, KBank has emerged as a regional leader in digital banking, renowned for its customer-focused innovations and commitment to sustainable growth.
"As a leading regional bank with technological expertise, KBank takes pride in the legacy we've built, from a robust financial portfolio to our dedication to sustainability. The K PLUS app, now used by over 24 million regional users, has also made a transformative impact.
Our commitment to financial inclusion ensures that banking services are accessible to all segments of society. By integrating the latest innovations and sustainable practices, KBank is poised to drive the development of the financial sector across the MEA+3 region while maintaining a focus on creating lasting value for partners, businesses, and consumers," said Pipit Aneaknithi, President of KBank.
Strengthening MEA+3 Connectivity with Bank Maspion
KBank's regional growth strategy targets the MEA+3 market (ASEAN member countries, China, Japan, and South Korea). This region, with its vast human resources and a growing middle class, presents significant opportunities for KBank to leverage its expertise in technology and sustainability. With a wide network of over 70 financial partners across 13 countries, KBank aims to foster cross-border collaboration and enhance economic ties in the MEA+3 area. Besides Indonesia, KBank's regional footprint also includes China, Vietnam, Cambodia, and Laos.
"KBank is committed to being the Regional Bank of Choice. Our investment in Bank Maspion underscores our dedication to expanding regional partnerships, providing top-notch financial services that empower cross-border business and trade, while also supporting sustainable economic growth for both Indonesia and Thailand," Pipit Aneaknithi added.
Indonesia stands out as a key player in the MEA+3 region, thanks to its solid economic growth and controlled inflation. Bank Indonesia forecasts that the country's economy will grow between 4.7% and 5% in 2024, driven by increased public consumption and investment. For the period of 2024-2025, inflation is expected to be around 2.5%, with a stable exchange rate for the rupiah. This scenario is anticipated to support further monetary policy easing and stimulate economic growth.
Over the past decade, KBank has invested in Bank Maspion, elevating its status from KBMI I to KBMI II. Since 2017, KBank has been a strategic partner of Bank Maspion, holding a 9.99% stake. By 2022, KBank became the majority shareholder with a 67.5% ownership. Last year, KBank injected an additional Rp3.5 trillion, raising its stake to 84.55%.
KBank's acquisition paves the way for Bank Maspion to accelerate its growth and solidify its position as a leading financial institution in Indonesia. By the second quarter of 2024, Bank Maspion's total equity reached Rp6.8 trillion, making it one of the top 30 banks in the country. This reflects the growing market strength of Bank Maspion.
"We see a bright future for Bank Maspion. With this additional capital, we are committed to achieving KBMI 3 status by 2027 and positioning Bank Maspion among the top 20 banks in Indonesia, while reinforcing our commitment to growth and innovation in the banking sector," said Kasemsri Charoensiddhi, the CEO of Bank Maspion.
Looking ahead, KBank believes in Indonesia's growth potential and is determined to play a significant role in enhancing the banking sector by offering quality products and services for businesses and individuals. As the largest shareholder of Bank Maspion, KBank is committed to supporting the Indonesian banking industry in four key areas.
