Indonesia's government again faces controversy over its stated push to acquire KB Bank assets; KB Kookmin Bank again says it has no plans to sell its stake

【Jakarta, Indonesia — Aulia Maulida Hamdani, correspondent】As the Indonesian government once again claims it is pursuing the purchase of assets belonging to KB Kookmin Bank's Indonesian subsidiary (KB Bank) through a consortium of cooperatives, KB Bank has once again firmly ruled out a stake sale, saying, “There are no plans to sell its stake.” 
According to local media and other sources on the 11th, Sari Komala, head of KB Bank's Corporate Secretary Office, emphasized, “There are no plans for KB Financial Group to sell its stake or withdraw its investment. KB Kookmin Bank continues to maintain its position as KB Bank's controlling shareholder, and there has been no change in the shareholding or management control structure.” This statement followed Ferry Julianto, Indonesia's minister of cooperatives, announcing on the 9th plans to form a cooperative consortium to acquire KB Bank's assets.
Komala explained that Indonesia is a long-term strategic market for KB Financial Group, as demonstrated by shareholders' ongoing capital support and support for the business transformation. She added that the bank's business operations and customer services were all proceeding normally.
KB Bank is an Indonesian bank that formerly operated under the name Bank Bukopin. On the 9th, Minister Ferry met with reporters in South Jakarta and said, “Cooperatives are working to form a consortium to acquire Bank Bukopin's assets and resume operations at its subsidiaries. I ask for your support and encouragement.”
Ferry noted that Bank Bukopin had previously been owned by several cooperative federations, and explained that the current proposal is intended to expand cooperatives' participation in bank-related assets and business operations. He emphasized, “Bank Bukopin was previously a bank owned by cooperative federations.”
The proposal also aligns with the policy direction of the Prabowo Subianto administration, which seeks to develop cooperatives as a major pillar of Indonesia's economic growth after private companies and state-owned enterprises. The government is pursuing an economy centered on cooperatives, based on the principles of kinship and mutual cooperation enshrined in the Constitution. However, specific plans, including which assets are to be acquired, which cooperatives will participate, and how the purchase will be financed, have not yet been disclosed.
KB Bank says it will continue its business transformation in line with its existing management strategy and maintain normal operations. It remains to be seen whether the government's proposal will lead to an actual purchase of assets. 

[email protected] Aulia Maulida Hamdani, correspondent Reporter