New Owner of Hyundai Securities
KB Financial Group announced on June 1 that it has completed the 1.25 trillion won (US$1.05 billion) purchase of Hyundai Securities as its 13th subsidiary on May 31.
On the same day, KB Financial has established a task force to prepare for the successful merger between Hyundai Securities and KB’s existing brokerage unit KB Securities. The task force consists of a merger promotion committee which will make key decisions about the merger and generalize the merger process in the future, a project management office (PMO) which will engage in actual work duties, and a merger promotion team which will practice related business.
Headed by KB Financial Holdings chief executive Kim Ok-chan, the committee consists of executives of the group’s holding firm and the two securities units, including KB Investment & Securities CEO Jeon Byeong-jo and Hyundai Securities CEO Yoon Kyung-eun. Also, the PMO consists of an executive-level director and workers with expertise.
With the latest takeover of Hyundai Securities, KB Financial plans to establish a three mainstay system of commercial banking, securities and insurance, and focus on wealth management and corporate and investment banking services.