KB Financial Group Inc. () is a financial holding company headquartered in
Seoul
Seoul (; ; ), officially known as the Seoul Special City, is the capital and largest metropolis of South Korea.Before 1972, Seoul was the ''de jure'' capital of the Democratic People's Republic of Korea (North Korea) as stated iArticle 103 ...
,
South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...
. 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.
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. 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
LIG Nex1 Co., Ltd. (formerly known as NEX1 Future and LG Innotek) is a South Korean aerospace manufacturer and Arms industry, defense company. It was established in 1976 as Goldstar Precision. LIG Nex1 was previously owned by LIG Holdings Compan ...
and changed its name to KB Insurance. KB also took over Hyundai Securities from
Hyundai Group
Hyundai Group (; ) is a South Korean conglomerate founded by Chung Ju-yung. The first company in the group was founded in 1947 as a construction company. With government assistance, Chung and his family members rapidly expanded into various in ...
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
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...
business by acquiring a 100% stake in
Prudential Financial Inc
Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, retirement planning, investment management, and other products and services to both retail and institutional customers thr ...
's South Korean unit for 2.3 trillion won.
[
In 2021, KB Financial Group brought out majority stakes on Indonesia-based Bank Bukopin and rebranding their company name as KB Bukopin.]
Operations
There are 13 subsidiaries under KB Financial Group, including Kookmin Bank
Kookmin Bank or KB Kookmin Bank () is among four of the largest banks ranked by asset value in South Korea, as of the end of March 2014. It is the largest among banks in Korea and the 60th largest in the world as of 2017.
History
The current KB ...
, 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
* Uijeongbu KB Insurance Stars
Uijeongbu KB Insurance Stars ( ko, 의정부 KB손해보험 스타즈) is a South Korean professional volleyball team. The team was founded in 1976 and became fully professional in 2005. They are based in Uijeongbu and are members of the Korea Vo ...
References
External links
*
Companies based in Seoul
South Korean brands
Companies listed on the Korea Exchange
South Korean companies established in 2008
Financial services companies of South Korea
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