KB Financial Group Abolishes Vice Chairman Position... Establishes 'Sangsaeng' Organization

Slimhwa Organizational Restructuring Implemented

KB Financial Group has abolished the vice chairman position and established an organization dedicated to practicing mutual growth.

On the 28th, KB Financial Group announced that it selected three major principles for its organizational operation system based on the group's 'core values and philosophy,' 'internal and external environmental changes,' and 'future strategy,' and carried out a regular organizational restructuring and executive appointments to implement these principles.

Similar to Hana Financial Group, the vice chairman position will be abolished. This is interpreted as a response to the Financial Supervisory Service Governor Lee Bok-hyun's demand to 'stop the entrenchment of executives.'

The existing 'ESG (Environmental, Social Responsibility, Corporate Governance Improvement) Headquarters' has been expanded and reorganized into the 'ESG Mutual Growth Headquarters' to create and practice financial and non-financial models that allow all citizens, including marginalized groups such as small business owners and low-income individuals, to live together beyond social contribution activities.

Additionally, clear responsibilities for 'customer asset risk management' have been assigned to the risk management departments of the holding company and subsidiaries, and a 'Consumer Protection Team' has been newly established within the Compliance Support Department, which is responsible for internal control.

For sustainable future growth, the 'Global Division' has been converted into a dedicated organization for the financial holding company and placed at the forefront of the organizational chart. A new 'Digital Division' has also been created to lead digital innovation such as AI (Artificial Intelligence).

The previous structure of 10 divisions, 16 general managers, and 1 compliance officer has been reduced to 3 divisions, 6 managers, and 1 compliance officer.

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