Kyobo Life Insurance Receives Approval from Financial Services Commission to Acquire SBI Savings Bank

Kyobo Life Insurance has officially announced its entry into the savings bank business after receiving approval from financial authorities to acquire SBI Savings Bank.

On March 18, Kyobo Life Insurance stated that it had obtained approval from the Financial Services Commission for the change in major shareholder related to its acquisition of SBI Savings Bank. The company is expected to secure a 50% plus one share stake soon, thereby becoming the largest shareholder.

Kyobo Life Insurance will purchase shares in SBI Savings Bank worth approximately 900 billion won, currently held by Japan's SBI Group. Once the acquisition is completed, Kyobo Life Insurance will move beyond its traditional insurance-focused business structure and establish a comprehensive financial portfolio that includes a savings bank. As of the third quarter last year, SBI Savings Bank was the industry’s leading savings bank, with total assets reaching 14.5854 trillion won.

Kyobo Life Insurance commented, “SBI Savings Bank is evaluated as the institution that most closely meets the requirements in terms of asset scale and operational base,” adding, “By combining Kyobo Life Insurance’s insurance capabilities with SBI Savings Bank’s infrastructure, which is on par with a regional bank, we will create a differentiated financial portfolio.”

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