Indonesia’s Financial Services Authority: “Government to take over KB Bank? We haven’t been informed” ... KB Bank also says, “There have been no talks”

【JAKARTA, Indonesia—Correspondent Aulia Maulida Hamdani】Amid continuing controversy after Indonesia’s Ministry of Cooperatives said it was pursuing the reacquisition of KB Bank, the Indonesian subsidiary of KB Kookmin Bank, the Financial Services Authority (OJK) said it had not been informed of the government’s related plans. KB Bank also made clear that it had held no acquisition talks with the cooperative side.
Local media reported on the 8th that Dian Ediana Rae, OJK’s chief executive for banking supervision, told local media the previous day, regarding reports that the cooperative side was pursuing KB Bank’s reacquisition, “We have not yet received any information about it.” This means that the financial regulator is not officially aware of the acquisition plan.
KB Bank also stressed that there had been no discussions at all with the cooperative side. In an interview with local media the same day, KB Bank President Director Kunardi Dharma Li replied, “No,” when asked whether there had been any discussions with Indonesia’s Ministry of Cooperatives or the cooperative federation regarding the reacquisition of KB Bank. KB Bank added that it was monitoring the related reports and said that, to date, no discussions or procedures concerning changes in shareholding or management control had taken place.
Komala Sari, who is in charge of corporate communications and government relations at KB Bank, said, “KB Bank makes clear that there have been no changes to its shareholding or governance structure to date,” adding, “KB Kookmin Bank remains KB Bank’s controlling shareholder.” 
Earlier, Indonesia’s Minister of Cooperatives, Ferry Juliantono, said at a pre-congress public discussion forum for the Syarikat Islam (SI) National Congress, held in Jakarta on the 5th, that the cooperative federation would reacquire Bukopin, KB Bank’s predecessor. He did not disclose the size of the stake to be acquired, the parties involved, the financing method, or the timing.
Bukopin was established in 1970 as the Indonesia Cooperative Bank and changed its legal status from a cooperative to a limited liability company in 1993. KB Kookmin Bank began increasing its equity investment in 2018 and became the controlling shareholder in 2020. The bank changed its name to KB Bukopin Bank in 2021, and KB Kookmin Bank currently holds a 67% stake in KB Bank. 
[email protected] Aulia Maulida Hamdani, Correspondent Reporter