Bank Bukopin to appoint Choi Chang-su as new president director Choi served as head of KB Kookmin Bank's Global Business Group

Translated by Kim So-in 공개 2021-06-22 08:25:54

이 기사는 2021년 06월 22일 08:14 더벨 유료페이지에 표출된 기사입니다.

Seoul-based KB Kookmin Bank’s Indonesian subsidiary Bank Bukopin will appoint Choi Chang-su, former head of KB Kookmin Bank’s Global Business Group, as the new president director.

Bank Bukopin held the general meeting of shareholders on June 17 and approved the appointment of Choi, according to sources. President director Rivan A. Purwantono submitted his resignation letter on June 15.

Choi served as the head of Global Business Division at KB Insurance and joined KB Kookmin Bank in 2019. He led the lender’s acquisition of Bank Bukopin last year.

Choi has built a positive relationship with the Financial Services Authority of Indonesia (OJK). He accelerated KB Kookmin Bank’s acquisition of Bank Bukopin amid the Covid-19 pandemic last year. He is expected to be a good coordinator between KB Kookmin Bank, the largest shareholder of the Indonesian bank, and OJK in the future.

KB Kookmin Bank's unexpected decision to change the president director of Bank Bukopin signals its strong will to normalize its business.

Bank Bukopin is currently undergoing a major turning point. The bank’s governance structure has been stabilized after Bosowa Corporindo, which is the second largest shareholder of Bank Bukopin, has reached an out-of-court settlement for the 1.7 trillion won ($1.49 billion) charges against KB Kookmin Bank and the OJK.

Bank Bukopin also plans to raise $1 billion through a rights offering. The plan was approved in the general meeting held last week. The proceeds will be used to strengthen the capital structure of the lender, improve its financial soundness, and promote business development.

KB Kookmin Bank is currently putting efforts into improve Bank Bukopin’s financial soundness. The Indonesian bank posted a net loss of 13.4 billion won in the first quarter as it accumulated the large amount of provisions. (Reporting by Hyun-jung Kim)
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