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CORPORATION

Bank Agris Switches to Korean Investors to Upgrade Status

After being acquired by Industrial Bank of Korea, Bank Agris will be eligible to upgrade to a BUKU II category bank (core capital above Rp 1 trillion) as part of plans to develop digital banking.

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Illustration of a stock market. | ANTARA FOTO/Akbar Nugroho Gumay

PT Bank Agris Tbk’s (AGRS) aim to upgrade its status into the group of banks with core capital above Rp 1 trillion looks likely, with additional fresh capital obtained from its acquisition by Industrial Bank of Korea. As a provider of loans for micro, small and medium enterprises (MSMEs) and commercial, particularly in the agribusiness sector, Bank Agris will then strengthen its business by developing digital banking.

Industrial Bank of Korea (IBK) – the sixth largest bank in South Korea – is to buy 4.59 billion shares (87.34 percent of total shares). It plans to purchase an 82.59 percent stake from the bank’s controlling shareholder PT Dian Intan Perkasa (DIP), and 0.28 percent from Benjamin Jiaravanon, with the rest from other shareholders.

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