DFDL, working alongside Sarin & Associates, acted as local counsel on the majority acquisition by Kookmin of Prasac Microfinance Institution.
South Korea’s KB Kookmin Bank, New York-listed KB Financial Group Inc’s (KB) commercial banking unit, has completed the acquisition of the remaining 30% interest in Prasac, Cambodia’s largest microfinance institution, as it expands its business into the Kingdom’s financial industry.
In April 2020, Kookmin Bank acquired a 70% stake in Prasac for USD 603.4 million from LOLC Holdings (a Sri Lanka-based non-bank lender), Bank of East Asia and PSCO becoming the majority shareholder.
KB Kookmin Bankis a Korean commercial bank formed in Dec, 2000 between old Kookmin Bank and Housing & Commercial Bank.
Prasac Microfinance Institution is Cambodia’s largest microfinance business providing banking services particularly to small and medium-sized enterprises.
The DFDL team was led by Partners Vansok Khem (Picture), Chris Robinson, and included Chuanhow Tan, Raksa Chan and Thavy Kang.
The Sarin & Associates team was led by Sarin Denora.
Law Firms: DFDL Legal & Tax Services;
Clients: Kookmin Bank;