DFDL acted as local counsel on the majority acquisition by Kookmin (a Korean commercial bank) of Prasac Microfinance Institution (Cambodia’s largest microfinance business) from the seller consortium, which included Bank of East Asia.
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 (awarded as 2020 ‘Deal of the Year in Frontier Markets’ by FinanceAsia) and then recently acquired the remaining 30% of the shares. This deal has also been shortlisted by Asian Legal Business in the Southeast Asia awards in the ‘M&A Deal of the Year (Premium)’ category.
The DFDL team was led by Vansok Khem (Partner), Chris Robinson (Partner), Chuanhow Tan (Senior Consultant), Raksa Chan (Senior Consultant) and Thavy Kang (Junior Consultant), working in collaboration with Sarin Denora (Senior Partner, Sarin & Associates).
DFDL extends our deepest congratulations to Kookmin Bank on the successful completion of its acquisition.