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KB Financial Group, Blackstone to collaborate on 'joint investments'

Published: 20 May. 2024, 16:40

SHIN HA-NEE
[email protected]

From left: Blackstone Co-founder, Chairman and CEO Stephen A. Schwarzman, KB Financial Group Chairman Yang Jong-hee and Financial Supervisory Service Gov. Lee Bok-hyun pose for a photo during a signing ceremony on Thursday in New York. [KB FINANCIAL GROUP]

KB Financial Group and private equity behemoth Blackstone have entered a cooperation agreement that will extend their collaboration into new areas including joint investments, the Korean firm said Monday.

The signing of the latest memorandum of understanding (MOU) took place on Thursday in New York, where the Financial Supervisory Service (FSS) and the Korea Exchange (KRX) hosted Invest K-Finance: New York IR 2024 for foreign investors.

KB Financial Group Chairman Yang Jong-hee participated in the investor relations event along with chiefs of Shinhan Financial Group, Mirae Asset Securities, Samsung Life Insurance and Hyundai Marine & Fire Insurance.

New York-based Blackstone, founded in 1985, has $1 trillion won of assets under management.

Under the MOU, KB Financial Group and Blackstone agreed to extend their collaboration from its current focus of alternative asset funds and capital financing into other areas, including joint investments.

“Blackstone is known for taking an innovative and creative approach while also prioritizing thorough analysis and risk management to successfully execute investments in various asset classes worldwide,” said Yang.

“Along with Blackstone, KB Financial Group will actively seek new investment opportunities in not only domestic but also the global market to contribute to Korean financial players’ expansion into global asset management,” the chairman added.

During the IR event in New York, FSS Gov. Lee Bok-hyun and KRX CEO Jeong Eun-bo took stage to introduce Korean authorities’ latest efforts to resolve the chronic undervaluation of domestic stocks, often referred to as the Korea discount, including the corporate value-up program.

BY SHIN HA-NEE [[email protected]]