Credit card issuer KB Kookmin Card announced on February 1 that it has completed the acquisition of a controlling stake in J Fintech, a Bangkok-based lending provider, accelerating the pace of Asia market infiltration. from the South East.
With the latest acquisition, the credit card business becomes the first South Korean company to officially enter the Thai lending industry.
The card company has invested 24 billion won ($ 21.5 million) to acquire the 50% stake in the Thai lender, while the remaining 50% will belong to Jay Mart, a mobile phone distributor and debt collector in the local market.
The Korean company will take control of the lending company as it will hold 50.99 percent of the voting rights. The company said it would be able to sell financial products through Jay Mart’s 400 cell phone retail stores across Thailand. The acquisition came after the card issuer signed a repurchase agreement with Jay Mart in April last year.
“The company now operates four local businesses and a regional office in five Southeast Asian countries – Thailand, Cambodia, Indonesia, Laos and Myanmar,” a company official said, adding that ‘she would try to make the Thai company a top lender. business in the local market.
Seeking new business opportunities in Asia, the credit card operator acquired financial and banking companies in the region, including a Cambodian bank in 2018 and a finance company in Indonesia last year.
THE KOREA HERALD / ASIA INFORMATION NETWORK