NYSE: KB (ADR)
|Founded||September 29, 2008(holding company)|
(Chairman & CEO)
|Revenue||US$17.2 billion (2022)|
|US$3.547 billion (2022)|
|Total assets||US$508 billion (2022)|
KB Life Insurance
|Footnotes / references|
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.
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. 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, from LIG Group and changed its name to KB Insurance. KB also took over Hyundai Securities from Hyundai Group after beating Korea Investment and Hong Kong-based private equity firm Actis in 2016. 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.
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.
- "Audit Report of KB Financial Group Inc. for Fiscal Year 2020". U.S. Securities and Exchange Commission. March 9, 2021.
- "FSC Identifies D-SIBs for 2021". Financial Services Commission. June 24, 2020.
- "Kookmin shares to be suspended in Sept for holding co". Reuters. April 30, 2008.
- "Kookmin Bank plans block sale of stake in parent - report". Reuters. April 6, 2011.
- "KB Financial finalizes LIG Insurance acquisition price". Maeil Business Newspaper. March 25, 2015.
- "KB Financial to wrap up LIG takeover next week". The Korea Herald. Jun 19, 2015.
- Choi, Kyongae (March 31, 2016). "KB picked as preferred bidder for Hyundai Securities". Yonhap. Seoul.
- "KB Financial Group acquires Prudential's South Korean unit for $1.89 billion". Reuters. April 10, 2020.