SBI Savings Bank, now a subsidiary of Kyobo Life, is changing its name for the first time in 13 years. The new name will be 'Kyobo SBI Savings Bank.' This change aims to enhance business synergy by combining Kyobo Life's financial subsidiary foundation with SBI Holdings' digital finance capabilities.
According to the financial sector on September 30, SBI Savings Bank will officially change its name to Kyobo SBI Savings Bank starting November 1. Along with the name change, the website address and logo will also be updated gradually. Existing customers will retain their financial products and contractual rights.
The name change comes nearly 13 years after the bank rebranded from Hyundai Swiss Savings Bank to SBI Savings Bank in 2013, following its acquisition by Japan's SBI Holdings.
This rebranding is a follow-up to Kyobo Life's acquisition of a 50% stake and one share in SBI Savings Bank for approximately 900 billion won in April, making it the largest shareholder. SBI Holdings remains a significant shareholder with a stake in the 40% range, reflecting the joint management structure of the two companies.
Meanwhile, Kyobo Life has recently accelerated the restructuring of its financial subsidiaries by fully integrating Kyobo AXA Asset Management and renaming it 'Kyobo Asset Management,' while also pursuing a merger with Kyobo Life Planet.
* This article has been translated by AI.
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