Ink dries on KB Financial’s buy of stake in Hyundai SecuritiesKB Financial Group completed acquisition of its stake in Hyundai Securities by finishing up payments on Tuesday and obtaining approval from the financial regulator a week earlier, the company said on Wednesday.
The acquisition comes two months after Hyundai Group named KB as the preferred bidder for a controlling stake. Hyundai Securities became KB’s 13th affiliate.
The acquisition helps the group expand its business capabilities and profits in non-banking businesses, particularly wealth management and corporate investment banking.
On Wednesday, KB also launched a committee to integrate Hyundai Securities and its existing brokerage arm KB Investment & Securities. The committee will be led by KB Financial Group President Kim Ok-chan, Hyundai Securities CEO Yoon Kyung-eun and KB Investment & Securities CEO Jeon Byeong-jo.