KB Financial Group

{{Infobox company

| name = KB Financial Group Inc.

| logo = KB logo.svg

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| native_name = 주식회사 케이비금융지주

| native_name_lang = ko

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| type = Public

| traded_as = {{kse|105560}}
{{NYSE|KB}} (ADR)

| ISIN = KR7105560007

| industry = Financial services

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| founded = {{Start date|2008|9|29}} {{small|(holding company)}}

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| hq_location_city = Seoul

| hq_location_country = South Korea

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| key_people = Yoon Jong-kyoo (chairman & CEO)

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| revenue = {{decrease}}US$17.2 billion

| revenue_year = 2022

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| net_income = {{decrease}}US$3.547 billion

| net_income_year = 2022

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| assets = {{decrease}}US$508 billion

| assets_year = 2022

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| subsid = Kookmin Bank
KB Life Insurance

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| website = {{URL|https://www.kbfg.com/Eng/index.jsp|www.kbfg.com}}

| footnotes = {{cite web |url=https://www.sec.gov/Archives/edgar/data/1445930/000119312521074369/d129420d6k.htm |title=Audit Report of KB Financial Group Inc. for Fiscal Year 2020 |author= |date=March 9, 2021 |website= |publisher=U.S. Securities and Exchange Commission |access-date= |quote=}}

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KB Financial Group Inc. ({{Korean |hangul=주식회사 케이비금융지주 |rr=Jusik-hoesa Keibi Geumyung Jiju}}) is a financial holding company headquartered in Seoul, 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.{{cite web |url=http://www.fsc.go.kr:8300/v/pGrsOF6TKhg |title=FSC Identifies D-SIBs for 2021 |author= |date=June 24, 2020 |website= |publisher=Financial Services Commission |access-date= |quote=}}

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.{{cite news |author= |date=April 30, 2008 |title=Kookmin shares to be suspended in Sept for holding co. |url=https://www.reuters.com/article/sppage012-seo16444-oisbn-idUKSEO1644420080430 |work=Reuters |location= |access-date=}}{{cite news |author= |date=April 6, 2011 |title=Kookmin Bank plans block sale of stake in parent - report |url=https://www.reuters.com/article/koominbank-sale-idUSL3E7F608B20110406 |work=Reuters |location= |access-date=}} 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 and changed its name to KB Insurance.{{cite news |author= |date=March 25, 2015 |title=KB Financial finalizes LIG Insurance acquisition price |url=https://pulsenews.co.kr/view.php?year=2015&no=282946 |work=Maeil Business Newspaper |location= |access-date=}}{{cite news |author= |date=Jun 19, 2015 |title=KB Financial to wrap up LIG takeover next week |url=https://koreaherald.com/view.php?ud=20150619000959 |work=The Korea Herald |location= |access-date=}} KB also took over Hyundai Securities from Hyundai Group after beating Korea Investment and Hong Kong–based private equity firm Actis in 2016.{{cite news |last=Choi |first=Kyongae |date=March 31, 2016 |title=KB picked as preferred bidder for Hyundai Securities |url=https://en.yna.co.kr/view/AEN20160331010700320 |work=Yonhap |location=Seoul |access-date=}} 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 business by acquiring a 100% stake in Prudential Financial Inc's South Korean unit for 2.3 trillion won.{{cite news |author= |date=April 10, 2020 |title=KB Financial Group acquires Prudential's South Korean unit for $1.89 billion |url=https://www.reuters.com/article/us-prudential-finl-kb-financial-sale-idUKKCN21S0HW |work=Reuters |location= |access-date=}}

In 2021, KB Financial Group bought a majority stake in the Indonesia-based Bank Bukopin and changed its name to KB Bukopin.{{Cite news|title=KB Bukopin Siap Menjadi Bintang Finansial Indonesia|url=https://www.bukopin.co.id/read/242-kb-bukopin-siap-menjadi-bintang-finansial-indonesia|website=Bank Bukopin|date=23 February 2021|access-date=11 March 2023|language=ID|archive-date=11 March 2023|archive-url=https://web.archive.org/web/20230311080946/https://www.bukopin.co.id/read/242-kb-bukopin-siap-menjadi-bintang-finansial-indonesia|url-status=dead}}

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.