KB Financial eyes aggressive takeovers

SEOUL, Sept. 29 (Yonhap) -- KB Financial Group Inc., a holding company of Kookmin Bank, said Monday it will aggressively seek for mergers and acquisitions (M&As) of banking and non-banking businesses as part of its new growth strategy.

"M&As is one of the most important reasons why Kookmin (Bank) has made efforts to
transform itself into a holding company," Hwang Young-key, head of KB Financial
Group, said in a speech marking the new launch of the group.
"Expansion of the banking business through takeovers is a crucial for the group
to stay as a leading player. The group will also aggressively seek to buy
non-banking players like securities firms or asset mangers to secure new growth
engines."
South Korea's top lender Kookmin Bank, with assets of 258 trillion won (US$219.9
billion), launched KB Financial Group Inc. earlier in the day in a bid to beef up
its non-banking business and seek more mergers and acquisitions.
Hwang told a press conference in early September that the group is considering a
merger with a lager local financial services company and does not rule out the
possibility of acquiring banks with assets of some 100 trillion won, such as
Korea Exchange Bank and the Industrial Bank of Korea.
KB Financial Group is targeting increasing its assets to 600 trillion won over
the next five years, which would place the group in the seat of Asia's top ten
player and the world's 50th largest financial services firm, Hwang added.
sooyeon@yna.co.kr
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