South Korea's KB Kookmin Bank closed its acquisition of additional shares in PT Bank Bukopin Tbk to bring its total stake in the Indonesian lender to 67%, the Chosun Ilbo reported.

KB Kookmin Bank received approval for the share acquisition from the Indonesian lender's shareholder in Jakarta on Aug. 25. The South Korean lender acquired a 22% stake in Bank Bukopin in July 2018 and purchased additional stakes between July and August this year to bring its ownership to 67%.

The KB Financial Group Inc. unit plans to develop a full-service financial group in Indonesia based on the local operations of Bukopin Bank, KB Insurance Co. Ltd., KB Kookmin Card Co. Ltd., and KB Capital Co. Ltd.

Meanwhile, Indonesian conglomerate PT Bosowa Corporindo sued Indonesia's Financial Services Authority over Bank Bukopin's private placement, alleging the regulator violated the law by stripping the company of a right to vote in the Aug. 25 shareholder meeting, The Jakarta Post reported. Bosowa Corporindo is a shareholder of the bank. The meeting was held to approve the bank's private placement, which allowed KB Kookmin Bank to increase its stake in Bank Bukopin.