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Business deals

Industrial Bank of Korea to take over Indonesia's Bank Agris

Buying small lender opens up Southeast Asia's most populous market

Bank Agris focuses on providing loans to small-scale farmers and fishermen. Its acquisition provides Industrial Bank of Korea with the requisite licenses to operate in Indonesia.   © Reuters

JAKARTA / SEOUL -- Industrial Bank of Korea is planning to acquire a majority stake in Indonesia's publicly-listed Bank Agris, the two lenders announced on Tuesday.

According to an announcement by Bank Agris published in local newspapers, the state-run South Korean lender plans to buy an 87.3% stake from an investment vehicle controlled by Benjamin Jiaravanon, a member of the founding family of Thai conglomerate Charoen Pokphand Group, as well as from minority shareholders.

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