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Photo = Kyobo Life |
[Alpha Biz= Paul Lee] Kyobo Life is making a full-fledged entry into the savings bank industry by acquiring SBI Savings Bank, in a strategic move to diversify its portfolio as it aims to transition into a financial holding company.
On the 28th, Kyobo Life’s board of directors approved the purchase of 50% plus one share of SBI Savings Bank. The acquisition will be completed in stages by October 2026, with the target being the shares held by Japan's SBI Holdings, the largest shareholder. The acquisition price is approximately 9 trillion KRW.
A Kyobo Life representative stated, "With the resolution of the put option dispute, we can accelerate our transition into a financial holding company. The entry into the savings bank sector is part of our strategy to diversify our portfolio as we move forward with the holding company transition." The representative added, "We also plan to actively expand into non-life insurance and other non-insurance financial businesses, including the potential acquisition of non-life insurance companies."
SBI Savings Bank is the industry’s leader, with total assets of 14 trillion KRW, total capital of 1.9 trillion KRW, and 1.72 million customers. It posted net profits of 349.5 billion KRW in 2021 and 328.4 billion KRW in 2022. Despite the economic downturn, it has maintained stable profitability, recording net profits of 89.1 billion KRW in 2023 and 80.8 billion KRW in 2024.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
