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KB Bukopin, the Indonesian subsidiary of South Korea's Kookmin Bank Co., Ltd, announced it has rebranded its operations in Indonesia. Aside from changing its brand name to simply KB Bank, it also modified its official logo.
The company's corporate name, PT Bank KB Bukopin, will remain the same, per the Korea Economic Daily. KB Bukopin said it decided to make these changes to show its confidence in its capacity to go head-to-head with local banks.
Localization of the Brand
KB Kookmin Bank came to have management control over Indonesia's Bank Bukopin after it acquired a 67% stake in August 2020. The acquisition paved the way for the Korean banking firm to enter the Indonesian banking scene.
Initially, the bank operated under the KB Bukopin banner after the deal was completed. However, the company wanted to be received well by the locals, and so the idea of name change was brought up.
Deep Purpose of the Rebranding
The bank's director explained the rebranding is part of the company's scheme to boost customer service. Moreover, KB Bukopin is looking to become a reliable Indonesian partner by combining "Korea Best" and the country's best practices in banking and services. The management also vowed to uphold transparency, integrity, and trust.
"The rebranding from KB Bukopin to KB Bank, coupled with the logo change, is a pivotal moment in KB Bukopin's transformation journey that has taken place since 2021," Jakarta Globe quoted Helmi Fahrudin, KB Bank's director for retail business and services, as saying during the announcement of the rebranding on Monday this week. "This is expected to cement our position in the national banking industry."
He added, "Our controlling shareholder KB Financial Group is one of the largest financial institutions in South Korea, and also one of the largest players or financial institutions globally. And this is certainly one of our strengths so that we can then grow, develop, and strengthen the image and identity of KB Bank in Indonesia."
Photo by: KB Bank Website
