JB Financial Chairman Kim Ki-hong's Second Term Begins: "We Will Build a Strong Small Financial Group"

Establishment of the First Overseas Comprehensive Financial System by Regional Financial Group

[Asia Economy Reporter Yu Je-hoon] The second term of Chairman Kim Ki-hong at JB Financial Group has officially begun.

JB Financial Group announced on the 31st that it held the 9th regular shareholders' meeting at its headquarters in Jeonju, Jeollabuk-do on the 30th, confirming Chairman Kim's reappointment. Chairman Kim's term will last until March 2025.

Since his inauguration in 2019, Chairman Kim has emphasized "solid management" to secure a sustainable profit base for the group, reorganizing the business portfolio to focus on profitability and concentrating on establishing the foundation for the group's growth. As a result, JB Financial's ROA rose by 41.6% from 0.68% at the end of 2018 to 0.96% at the end of last year, and during the same period, the return on equity (ROE) increased by 41% from 9.1% to 12.8%. This surpasses the average of the four major financial holding companies (ROA 0.67%, ROE 9.52%) and ranks at the top level among financial holding companies.

Furthermore, to overcome the limitations of a regional financial group, at the end of 2019, JB Financial Group acquired Morgan Stanley Gateway Securities (MSGS), a Vietnamese securities firm owned by the global investment bank Morgan Stanley, and launched JB Securities Vietnam (JBSV). Additionally, last year, it established JB PPAM, an asset management company in Cambodia. As a result, JB Financial Group has become the first regional financial group to establish a comprehensive financial system overseas encompassing banking, capital, securities, and other financial sectors.

Having succeeded in his reappointment, Chairman Kim is expected to accelerate the achievement of the group's mid- to long-term management plans in his second term. JB Financial Group plans to focus its capabilities on advancing existing core businesses and discovering new core businesses, while proactively preparing for potential risks based on a thorough risk management system. Moreover, it intends to expand the profit-generating base by strengthening core businesses in each sector and diversify its business portfolio.

Chairman Kim stated, "Although the domestic and international economic conditions remain uncertain, we plan to continue the group's growth momentum through stable growth based on thorough risk management, profit-centered solid management, and expanded synergy among affiliates. We will focus on qualitative growth centered on profitability, enhancing competitiveness in the digital sector, securing future growth engines through business diversification and maximizing group synergy, and strengthening transparent management and a corporate culture of mutual respect."

This content was produced with the assistance of AI translation services.