JB Financial Group is set to enter the Central Asian market through the acquisition of a Kyrgyz financial company. The plan aims to leverage its domestic auto finance capabilities to target the local market and diversify its overseas business portfolio.
On October 22, JB Financial Group's subsidiary, JB Woori Capital, announced that it has signed a contract to acquire 100% of the shares of Epoke Corporation, the parent company of Kyrgyz financial firms Korkik Credit and Korki Leasing.
The acquisition is expected to be finalized within the year, pending approval and registration from local financial authorities. Once completed, the two companies will become wholly-owned subsidiaries of JB Woori Capital.
JB Financial highlighted the growth potential and development capacity of Kyrgyzstan's financial market, noting that approximately 70% of the population is under 30 years old and that the country's real GDP growth rate has recently exceeded 10% annually.
Upon completion of the acquisition, JB Financial will secure its fifth overseas foothold, following Cambodia, Myanmar, Vietnam, and Indonesia. JB Woori Capital plans to apply its domestic auto finance experience to the local operations.
A JB Financial representative stated, "We will establish a sustainable growth foundation in the Kyrgyz market based on our auto finance competitiveness and a thorough localization strategy."
* This article has been translated by AI.
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