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Photo = Yonhap news |
[Alpha Biz= Reporter Kim Sangjin] KB Kookmin Card has finalized the merger of its Cambodian subsidiaries, KB Daehan Specialized Bank (KDSB) and i-Finance Leasing (iFL), as part of its efforts to restructure its local operations. The merger, conducted in the form of KDSB absorbing iFL, received final approval from Cambodia’s Ministry of Commerce. The newly merged entity will retain the KDSB name, leveraging its established brand recognition in the local market.
Having entered Cambodia in 2018 by acquiring KDSB, KB Kookmin Card further expanded its presence in 2022 by fully acquiring iFL. Through this integration, the company plans to enhance its product lineup by adding leasing licenses to its existing focus on auto installment financing. The expanded offerings will include motorcycles, agricultural equipment, and other mobility finance solutions that encompass both loans and leases.
The merger allows KDSB to strengthen its product portfolio by utilizing the leasing license, while iFL’s regional branches will help broaden its operational reach. Additionally, iFL expects to benefit from reduced funding costs and access to KDSB’s extensive sales network, creating synergies between the two entities.
A representative from KB Kookmin Card stated, “This merger is a crucial step in reorganizing our subsidiary operations in Cambodia and establishing a foundation for sustainable growth in the market.”
Specialized banks like KDSB focus on specific financial activities, with KDSB’s primary strengths lying in installment financing and credit services. This merger positions KB Kookmin Card to further its leadership in Cambodia’s mobility finance sector.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
