KB Kookmin Bank Completes Spin-off of Fund Division... Launches KB Fund Partners

Financial Services Commission Approves Final License on the 30th

KB Kookmin Bank has spun off its fund business division and completed the establishment of a subsidiary.

Kookmin Bank announced on the 30th that it received final approval from the Financial Services Commission for the division of its subsidiary, 'KB Fund Partners.' Accordingly, the company will proceed with the division on the scheduled date of June 1.

Last July, Kookmin Bank announced its decision to spin off the fund business division within the bank and establish a subsidiary. At that time, Kookmin Bank stated that "the subsidiary will enhance expertise and management efficiency through independent management, while the bank will focus on its existing business divisions to increase management stability, thereby strengthening mutual profitability." Industry insiders view that by spinning off the fund business, restrictions on banking and investment business operations will be eased, allowing faster decision-making for investment and business expansion.

With Kookmin Bank spinning off its fund business division, all four major financial holding companies (KB Financial, Shinhan, Hana, and Woori) now have their fund business divisions as subsidiaries.

As stock-linked securities (ELS) based on the Hong Kong H-Index are expected to incur losses amounting to trillions of won in the first half of this year alone, financial authorities have begun on-site inspections targeting major sellers. The photo shows KB Kookmin Bank in Yeouido, Seoul, on the 8th. Photo by Jinhyung Kang aymsdream@

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