JB Financial Group has partnered with fintech company Finda to jointly acquire Daewon Savings Bank and establish a collaborative model between financial institutions and fintech.
On October 27, JB Financial Group announced that the acquisition of Daewon Savings Bank, which was pursued in collaboration with Finda, has been completed following approval from the Financial Services Commission. Established in 1998, Daewon Savings Bank is a mutual savings bank headquartered in Gyeongju, North Gyeongsang Province.
The total acquisition amount is 12 billion won. Finda has secured a 60% stake, becoming the largest shareholder, while JB Financial Group's Jeonbuk Bank holds a 40% stake as the second-largest shareholder.
JB Financial Group plans to leverage Jeonbuk Bank's banking experience to support risk management, credit soundness, internal controls, and regulatory compliance. Finda will lead the introduction of new technologies and the operation of an AI-native bank by utilizing customer data and artificial intelligence (AI).
Kim Gi-hong, chairman of JB Financial Group, stated, "Based on our accumulated financial capabilities, we will swiftly respond to the rapidly changing trends by partnering with fintech and lead the way in financial innovation."
* This article has been translated by AI.
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