Bindaein BNK Chairman "Entering Insurance Industry to Complete Comprehensive Financial Group"

Press Conference Held in Busan

Bin Dae-in, Chairman of BNK Financial Group, stated on the 17th that the group is considering entering the insurance industry to establish a portfolio as a comprehensive financial group.

At a press conference held at the Busan headquarters that morning, Chairman Bin said, "BNK Financial has grown into Korea's leading regional financial group with nine subsidiaries and total assets of 160 trillion won, but while we have banking and securities, the absence of insurance makes us incomplete as a comprehensive financial group."

Regarding the plan to enter the insurance business, Chairman Bin explained, "BNK Financial is currently barred from entering new businesses for the next four years due to sanctions related to violations of the Capital Markets Act. However, we cannot just stand still, so we are considering entering the internet-based specialized non-life insurance sector, and if that proves difficult, we are thinking about seeking opportunities overseas."

Chairman Bin also confirmed the policy to maintain the 'two-bank' system of Busan Bank and Kyongnam Bank. He said, "It is cautious and difficult to express, but for now, we should base our efforts on the 'two-bank' system to create synergy and be recognized for efficient management." However, he emphasized, "The integration of the two banks and the integration of their IT systems are separate matters. There is at least 100 billion won in waste, and if the financial authorities agree, it is only natural to integrate the inefficient IT systems."

Chairman Bin stressed the need for a 'differentiated digital business model' through the digitalization of existing operations and new businesses. He said, "If we connect regional currency Dongbaekjeon, blockchain, and digital currency well, we can create BNK's differentiated digital elements. Since Busan is a blockchain special zone, we will cooperate closely with the Busan city government to develop a BNK-specialized platform."

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