KB Financial Group, one of the country’s largest financial groups, seeks to improve its management structure by strengthening its nonbanking business, the lender said last week.
The group hopes to enhance its portfolio by maximizing the synergy created among its financial subsidiaries, which include KB Asset Management and KB Investment and Securities. According to statistics released by the group, some 67 percent of KB’s main profits currently come from KB Kookmin Bank, the country’s largest commercial bank in terms of assets.
Subsidiaries such as KB Insurance, KB Life Insurance and KB Kookmin Card will actively cooperate to achieve “organic growth” on a mid- to long-term basis, the statement said.
The group also said it will additionally be strengthening its “smart finance” capacities through the “seamless” connection of online and off-line services and utilization of fintech, or innovative finance-related technology.
It will further use big data to target consumers’ needs and develop new products, group officials said.
The group is also planning to establish “one-stop” banking centers that will provide comprehensive services ranging from banking and stocks to insurance, once relevant regulations are lifted.
The announcement comes after last week’s release of the group’s earnings report, which revealed a net profit of approximately 1.7 trillion won ($1.4 billion), 33 percent of which came from nonbanking services.
By Rumy Doo (
doo@heraldcorp.com)
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