KB Geumyung 12th Anniversary... Yoon Jong-kyu "Bank, Secure the No.1 Position"

The Direction of KB Geumyung Reflected in the Commemorative Speech

[Asia Economy Reporter Park Sun-mi] KB Financial Group Chairman Yoon Jong-kyu emphasized on the 29th, during the 12th anniversary speech, the need to develop capabilities centered on becoming the number one financial platform, global expansion, and ESG (environment, social, and governance) management.

Regarding the direction that all of KB Financial must pursue together, Chairman Yoon stated that the business model should be innovated based on core competitiveness and market position should be solidified. He said, "The bank must firmly establish its number one position, and to prepare for the decline in interest income due to low interest rates, key business sectors such as WM, CIB, and capital markets must be further strengthened." He added, "The scope of corporate finance support, including supply chain finance and CMS, should be expanded, and profitability should be increased through fund management and new product development."

Regarding non-bank affiliates such as securities, non-life insurance, and cards, he urged, "They must further solidify their business models," and "Based on securing new growth engines and diversifying revenue bases, they should enhance competitiveness to enter a strong second place that threatens the industry leader." He also expressed expectations for Prudential Life, which recently joined the family, saying, "By combining the strengths of Prudential Life and KB, we expect to leap forward as an industry leader based on strong synergy."

Chairman Yoon emphasized his expectations for the 'number one financial platform' based on KB's unique digital capabilities.

As big tech platform companies expand their entry into the financial industry, competition at customer contact points is intensifying, and the pace of change is accelerating. He urged that KB, with its comprehensive financial services and professional consulting capabilities, must create the best financial platform that customers can use most easily and conveniently.

He also revealed ambitions for expanding global advancement. Chairman Yoon said, "To discover sustainable future growth engines, we must further strengthen global expansion," and added, "We should actively embed KB's DNA to help Indonesia's Bank Bukopin and Cambodia's Prasac Microfinance quickly get on the right track, and accelerate meaningful progress in Vietnam, India, and other countries."

He mentioned that global business requires a long-term perspective and continuous effort, saying, "Although there will be many difficulties in pursuing global business due to COVID-19, let us turn the crisis into an opportunity and make it the foundation for future growth."

Chairman Yoon also emphasized the need to expand social value creation through ESG management.

He said, "We must further expand inclusive finance to help small and medium-sized enterprises and small business owners overcome crises and strengthen competitiveness, and take the lead in discovering and nurturing startups and fintech companies." He added, "As a leading financial group, we will also take the lead in establishing an eco-friendly financial ecosystem and driving social change."