KB, Jefferies chiefs talk cooperation in global investment banking

Chiefs of South Korea’s KB Financial Group and US’ Jefferies Financial Group discussed strengthening and expanding its existing partnership in the global investment banking market, the Korean banking giant said Tuesday.

In a meeting with Jefferies Financial Group President Brian Friedman, KB Financial Group Chairman Yoon Jong-kyoo discussed plans to build a stronger cooperation in investment banking to expand assets tied to their alternative investment businesses under banks, securities, asset managers and corporate financing.

The meeting comes after Yoon pointed to an expansion in global businesses as a key pillar behind its future growth engine, during the banking group’s latest shareholders meeting held in March.

“To respond to the fast-growing demands of global institutions and retail investors, cooperation with a major global investment bank is more crucial than ever,” KB said in a statement.

In July last year, KB’s brokerage unit KB Securities signed a deal with Jefferies, allowing the Korean firm access to the US’ banking giant’s global research service targeting institutional investors and analyst talks. KB Securities also partners with Jefferies on providing brokerage services for overseas investors.

Jefferies ranked No.8 in terms of sales among global investment banks last year and its total assets stood at $60.4 billion in the same period.

KB’s net profit for 2021 gained 27.6 percent on-year to 4.4 trillion won ($3.68 billion) and its total assets came to 663.9 trillion won.

By Jung Min-kyung (mkjung@heraldcorp.com)