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KB Financial Group was established through restructuring Kookmin Bank into a holding company in September 2008. Kookmin Bank launched a financial holding firm to boost non-banking operations such as brokerage, insurance, and consumer finance.<ref>{{cite news |author=<!--Staff writer(s)/no by-line.--> |date=April 30, 2008 |title=Kookmin shares to be suspended in Sept for holding co. |url=https://www.reuters.com/article/sppage012-seo16444-oisbn-idUKSEO1644420080430 |work=[[Reuters]] |location= |access-date=}}</ref><ref>{{cite news |author=<!--Staff writer(s)/no by-line.--> |date=April 6, 2011 |title=Kookmin Bank plans block sale of stake in parent - report |url=https://www.reuters.com/article/koominbank-sale-idUSL3E7F608B20110406 |work=Reuters |location= |access-date=}}</ref> After the establishment, KB has acquired non-banking financial services companies, including [[LIG Group|LIG Insurance]], [[Hyundai Group|Hyundai Securities]], [[Prudential Financial|Prudential Life Korea]], etc.
KB Financial Group was established through restructuring Kookmin Bank into a holding company in September 2008. Kookmin Bank launched a financial holding firm to boost non-banking operations such as brokerage, insurance, and consumer finance.<ref>{{cite news |author=<!--Staff writer(s)/no by-line.--> |date=April 30, 2008 |title=Kookmin shares to be suspended in Sept for holding co. |url=https://www.reuters.com/article/sppage012-seo16444-oisbn-idUKSEO1644420080430 |work=[[Reuters]] |location= |access-date=}}</ref><ref>{{cite news |author=<!--Staff writer(s)/no by-line.--> |date=April 6, 2011 |title=Kookmin Bank plans block sale of stake in parent - report |url=https://www.reuters.com/article/koominbank-sale-idUSL3E7F608B20110406 |work=Reuters |location= |access-date=}}</ref> After the establishment, KB has acquired non-banking financial services companies, including [[LIG Group|LIG Insurance]], [[Hyundai Group|Hyundai Securities]], [[Prudential Financial|Prudential Life Korea]], etc.


In 2015, KB acquired LIG Insurance, South Korea's fourth-largest non-life insurance company with assets totaling 24 trillion won, and changed its name to KB Insurance.<ref>{{cite news |author=<!--Staff writer(s)/no by-line.--> |date=March 25, 2015 |title=KB Financial finalizes LIG Insurance acquisition price |url=https://pulsenews.co.kr/view.php?year=2015&no=282946 |work=[[Maeil Business Newspaper]] |location= |access-date=}}</ref><ref>{{cite news |author=<!--Staff writer(s)/no by-line.--> |date=Jun 19, 2015 |title=KB Financial to wrap up LIG takeover next week |url=https://koreaherald.com/view.php?ud=20150619000959 |work=[[The Korea Herald]] |location= |access-date=}}</ref> KB also took over Hyundai Securities from Hyundai Group after beating Korea Investment and Hong Kong-based private equity firm [[Actis]] in 2016.<ref>{{cite news |last=Choi |first=Kyongae |date=March 31, 2016 |title=KB picked as preferred bidder for Hyundai Securities |url=https://en.yna.co.kr/view/AEN20160331010700320 |work=[[Yonhap]] |location=[[Seoul]] |access-date=}}</ref> KB has merged its existing stock brokerage firm KB Investment & Securities with Hyundai Securities and renamed as KB Securities. In 2020, KB reinforced the [[life insurance]] business by acquiring a 100% stake in Prudential Financial Inc's South Korean unit for 2.3 trillion won.<ref>{{cite news |author=<!--Staff writer(s)/no by-line.--> |date=April 10, 2020 |title=KB Financial Group acquires Prudential's South Korean unit for $1.89 billion |url=https://www.reuters.com/article/us-prudential-finl-kb-financial-sale-idUKKCN21S0HW |work=Reuters |location= |access-date=}}</ref><ref name=F6K/>
In 2015, KB acquired LIG Insurance, South Korea's fourth-largest non-life insurance company with assets totaling 24 trillion won, and changed its name to KB Insurance.<ref>{{cite news |author=<!--Staff writer(s)/no by-line.--> |date=March 25, 2015 |title=KB Financial finalizes LIG Insurance acquisition price |url=https://pulsenews.co.kr/view.php?year=2015&no=282946 |work=[[Maeil Business Newspaper]] |location= |access-date=}}</ref><ref>{{cite news |author=<!--Staff writer(s)/no by-line.--> |date=Jun 19, 2015 |title=KB Financial to wrap up LIG takeover next week |url=https://koreaherald.com/view.php?ud=20150619000959 |work=[[The Korea Herald]] |location= |access-date=}}</ref> KB also took over Hyundai Securities from Hyundai Group after beating Korea Investment and Hong Kong-based private equity firm [[Actis Capital|Actis]] in 2016.<ref>{{cite news |last=Choi |first=Kyongae |date=March 31, 2016 |title=KB picked as preferred bidder for Hyundai Securities |url=https://en.yna.co.kr/view/AEN20160331010700320 |work=[[Yonhap]] |location=[[Seoul]] |access-date=}}</ref> KB has merged its existing stock brokerage firm KB Investment & Securities with Hyundai Securities and renamed as KB Securities. In 2020, KB reinforced the [[life insurance]] business by acquiring a 100% stake in Prudential Financial Inc's South Korean unit for 2.3 trillion won.<ref>{{cite news |author=<!--Staff writer(s)/no by-line.--> |date=April 10, 2020 |title=KB Financial Group acquires Prudential's South Korean unit for $1.89 billion |url=https://www.reuters.com/article/us-prudential-finl-kb-financial-sale-idUKKCN21S0HW |work=Reuters |location= |access-date=}}</ref><ref name=F6K/>


== Operations ==
== Operations ==

Revision as of 15:01, 4 January 2022

KB Financial Group Inc.
Native name
주식회사 케이비금융지주
Company typePublic
Holding
KRX: 105560
NYSE: KB
IndustryFinancial services
Founded2008; 16 years ago (2008)
Headquarters
Seoul
,
South Korea
Key people
Yoon Jong-kyoo
(Chairman & CEO)
SubsidiariesKookmin Bank
KB Life Insurance
Websitewww.kbfg.com
Footnotes / references
[1]

KB Financial Group Inc. (Korean: 주식회사 케이비금융지주; RR: Jusik Hoesa Keibi Geumyung Jiju) is a financial holding company headquartered in Seoul, South Korea. The Group and its subsidiaries provide a broad range of banking and financial services. It is one of the domestic systemically important banks (D-SIBs) identified by the Financial Services Commission.[2]

History

KB Financial Group was established through restructuring Kookmin Bank into a holding company in September 2008. Kookmin Bank launched a financial holding firm to boost non-banking operations such as brokerage, insurance, and consumer finance.[3][4] After the establishment, KB has acquired non-banking financial services companies, including LIG Insurance, Hyundai Securities, Prudential Life Korea, etc.

In 2015, KB acquired LIG Insurance, South Korea's fourth-largest non-life insurance company with assets totaling 24 trillion won, and changed its name to KB Insurance.[5][6] KB also took over Hyundai Securities from Hyundai Group after beating Korea Investment and Hong Kong-based private equity firm Actis in 2016.[7] KB has merged its existing stock brokerage firm KB Investment & Securities with Hyundai Securities and renamed as KB Securities. In 2020, KB reinforced the life insurance business by acquiring a 100% stake in Prudential Financial Inc's South Korean unit for 2.3 trillion won.[8][1]

Operations

There are 13 subsidiaries under KB Financial Group, including Kookmin Bank, KB Securities, KB Insurance, KB Kookmin Card, Prudential Life Insurance Korea, KB Asset Management, KB Capital, KB Life Insurance, KB Real Estate Trust, KB Savings Bank, KB Investment, KB Data Systems, and KB Credit Information.

See also

References

  1. ^ a b "Audit Report of KB Financial Group Inc. for Fiscal Year 2020". U.S. Securities and Exchange Commission. March 9, 2021.
  2. ^ "FSC Identifies D-SIBs for 2021". Financial Services Commission. June 24, 2020.
  3. ^ "Kookmin shares to be suspended in Sept for holding co". Reuters. April 30, 2008.
  4. ^ "Kookmin Bank plans block sale of stake in parent - report". Reuters. April 6, 2011.
  5. ^ "KB Financial finalizes LIG Insurance acquisition price". Maeil Business Newspaper. March 25, 2015.
  6. ^ "KB Financial to wrap up LIG takeover next week". The Korea Herald. Jun 19, 2015.
  7. ^ Choi, Kyongae (March 31, 2016). "KB picked as preferred bidder for Hyundai Securities". Yonhap. Seoul.
  8. ^ "KB Financial Group acquires Prudential's South Korean unit for $1.89 billion". Reuters. April 10, 2020.
  • Official website
  • Business data for KB Financial Group (KRX: 105560):
  • Business data for KB Financial Group (NYSE: KB):
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