Rapid transformation of KB Financial

KB Financial Group, Korea’s leading financial institution with the largest customer base, is undergoing rapid transformation since its new management changes last year.

In less than a month after Yoon Jong-kyoo was elected chairman and CEO of the group, decision-making has been quick, such as in buying LIG Insurance Co., restructuring its organization, moving its holding company into the KB Bank building in Yeouido ― the financial district in Seoul ― and supporting fintech.

There are also moves to strengthen the synergy among various affiliates. During its restructuring last year, KB Financial Group set up departments for marketing, planning and digital banking, as well as a committee for wealth management and commercial investment to help affiliate companies enhance cooperation.

Additionally, KB Financial Group is marketing the synergy among its affiliates, by planning to make future customers members of all KB affiliates instead of just one particular company.

Affiliate companies are also striving to regain the group’s former glory as Asia’s leading financial institution.

KB Asset Management in particular is off to a good start, as the market share of its public retirement funds hit 20.69 percent in January 2015, the highest in the industry. Its revenue has increased by 259.1 billion won.

In a press statement, KB Financial Group said, “We expect KB employees to be proud and self-confident about their badge.”

By Sang Youn-joo (sangyj@heraldcorp.com)