JB Financial Group is expanding into Central Asia through an acquisition in Kyrgyzstan, seeking new growth opportunities beyond its established Southeast Asian markets.
Its subsidiary JB Woori Capital has agreed to acquire a 100 percent stake in Epoke, the parent company of Kyrgyz financial firms Korky Credit and Korky Leasing. Woori expects to close the deal by year-end, pending regulatory approval and registration.
The acquisition marks JB Financial's entry into Kyrgyzstan, a fast-growing market where about 70 percent of the population is aged 30 or younger and annual economic growth has recently exceeded 10 percent.
Kyrgyzstan will become the group's fifth overseas market, joining Cambodia, where it operates a commercial bank; Myanmar, where it runs a microfinance business; Vietnam, where it owns a securities firm; and Indonesia, where it operates a consumer finance company.
JB Woori Capital plans to use its expertise in auto financing to expand the Kyrgyz businesses, tailoring services to local demand, while also diversifying beyond retail lending.
"This acquisition marks a strategic step in expanding our financial network beyond Southeast Asia into Central Asia," a JB Financial official said. "We aim to establish a strong foothold in Kyrgyzstan by combining our auto finance expertise with a localized business strategy."
jyoungseon8@heraldcorp.com