KB Financial Group Inc. () is a financial holding company headquartered in
Seoul
Seoul, officially Seoul Special Metropolitan City, is the capital city, capital and largest city of South Korea. The broader Seoul Metropolitan Area, encompassing Seoul, Gyeonggi Province and Incheon, emerged as the world's List of cities b ...
, 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.
History
KB Financial Group was established through the restructuring of 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 its establishment, KB 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 LG Innotek () is a South Korean aerospace manufacturer and arms manufacturer. It was established in 1976 as GoldStar, Goldstar Precision. LIG Nex1 was previously owned by LIG Holdings Company, which in tur ...
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 group was founded in 1947 Hyundai Engineering & Construction, as a construction company. With government assistance, Chung and his family members rapidly expanded ...
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 it as KB Securities. In 2020, KB reinforced its
life insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typical ...
business by acquiring a 100% stake in
Prudential Financial Inc's South Korean unit for 2.3 trillion won.
[
In 2021, KB Financial Group bought a majority stake in the Indonesia-based Bank Bukopin and changed its name to KB Bukopin.]
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
* Uijeongbu KB Insurance Stars
Uijeongbu KB Insurance Stars () 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 Volleyball Federation (KOVO). Their home ...
References
External links
*
Companies based in Seoul
South Korean brands
Companies listed on the Korea Exchange
Companies in the KOSPI 200
Companies in the S&P Asia 50
South Korean companies established in 2008
Financial services companies of South Korea
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