KB Financial Group and Hyundai Department Store Join Hands to Build Financial and Retail Synergy Collaboration Model

On the 31st of last month, at the business agreement ceremony held at KB Financial Group's premium comprehensive asset management center, 'KB Gold&Wise the First Apgujeong,' Yang Jonghee, Chairman of KB Financial Group, and Jang Hojin, President of Hyundai GF Holdings, are taking a commemorative photo. Photo by KB Financial Group

KB Financial Group announced on November 2 that it has signed a strategic memorandum of understanding (MOU) with Hyundai Department Store Group to establish a collaborative model for customer experience innovation and financial and retail synergy.

According to KB Financial Group, the signing ceremony was held on October 31 at the premium comprehensive asset management center, 'KB Gold&Wise the First Apgujeong,' located in Apgujeong-dong, Gangnam-gu, Seoul. The event was attended by Yang Jonghee, Chairman of KB Financial Group; Park Byungkon, Deputy President of KB Kookmin Bank's Retail Group; Jang Hojin, President of Hyundai GF Holdings; and Chung Jiyeong, President of Hyundai Department Store.

Through this business agreement, KB Financial Group and Hyundai Department Store will pursue practical collaboration focused on customer value, including: expanding the customer base and strengthening customer touchpoints; launching co-branded products and services; and cooperating on ESG (Environmental, Social, and Governance)-based social contribution initiatives. By combining the premium brand values of both finance and retail, the two companies aim to provide customers with an advanced experience that manages both their assets and overall lifestyle.

The companies will introduce a range of products and services designed to enhance customer convenience and satisfaction, such as co-branded accounts that combine Hyundai Department Store's shopping benefits with KB Financial Group's high interest rate benefits, simple payment services using KB Financial Group platforms like KB Star Banking, and integrated point services between the two companies.

Premium customer benefits will also be strengthened through exclusive programs and preferential services for top-tier clients. KB Financial Group will offer financial services tailored to Hyundai Department Store's top customers through its premium comprehensive asset management center, 'KB Gold&Wise the First.' Conversely, Hyundai Department Store will provide shopping services and benefits, such as personal shopper accompaniment, to customers of 'KB Gold&Wise the First' when they shop at Hyundai Department Store.

Additionally, KB Financial Group is considering operating pop-up stores utilizing Hyundai Department Store Group's distribution and sales channels in collaboration with the Ministry of SMEs and Startups to support the growth of outstanding small business owners. Financial support solutions, such as supply chain finance based on department store sales, will also be provided to small business owners operating within Hyundai Department Store to help alleviate management burdens. Through these efforts, the companies aim to create sustainable social value based on shared growth with small businesses.

Meanwhile, this month, Hyundai Department Store will host collaborative seminars for senior customers, covering both financial and non-financial topics. These seminars will offer KB Financial Group's financial content, such as investment strategies, business succession, and tax-saving know-how, as well as leisure and hobby content from Hyundai Department Store, thereby expanding the touchpoints with customers of both companies.

A KB Financial Group representative stated, "This agreement marks a meaningful starting point for presenting new customer experiences and synergy models based on the strategic collaboration between Korea's leading financial and retail groups. We will do our utmost to provide differentiated value to customers and to grow as a company that is even more trusted and loved."

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