KB Financial Group Inc (KB)

KB Financial Group's board has called an extraordinary shareholders' meeting for 20 November 2026 to appoint Jae Keun Lee as an executive director 3. The Korea Times reported that he was picked as the next chairman for a three-year term, over the sitting chairman, Jong Hee Yang 8.

Profit attributable to shareholders of the parent company was 3.88 trillion won in the first half of 2026, up 13.07 percent from a year earlier 5. The Herald Business called that a record for any half-year period 9.

The company is also buying back its own shares: by 23 October 2026 a trust run by Samsung Securities had bought 3,960,000 shares for 698,152 million won, out of a contracted 700,000 million won 4. The purchase was still going on 4.

The open question is the leadership change, which shareholders vote on 20 November 2026 3. The board explained the move as a need for a bold transformation in its own filing 2.

Kookmin Bank, the core of today's group, began in 1963 as Citizens National Bank, set up by the Korean government to serve the general public and small firms 1. It listed its shares in Korea in September 1994 and took the name Kookmin Bank in February 1995 1.

A second state lender, Korea Housing Finance Corporation, was founded in 1967 and became the Korea Housing Bank in 1969 1. Until 1997 it was the only lender in Korea allowed to make mortgages longer than ten years 1.

The two banks merged on 1 November 2001 into a new Kookmin Bank, which became the largest commercial bank in Korea 1. Its depositary shares listed on the New York Stock Exchange the same day 1.

On 29 September 2008 the group was created as a holding company, and holders of Kookmin Bank shares swapped them one for one for shares of the new parent 1. Kookmin Bank and its sister firms in securities, asset management, real estate trust and credit information became wholly owned subsidiaries 1.

The holding company then bought its way into new fields, starting in March 2014 with 52 percent of KB Capital, a specialized credit finance company, from Woori Finance Holdings for 280 billion won 1. In 2015 and 2016 it paid 1.1 trillion won in total for stock in LIG Insurance, now KB Insurance, and took the rest in 2017 by a share swap 1.

In 2016 it paid 1.2 trillion won for 22.6 percent of Hyundai Securities and then folded its own securities arm into that firm, forming KB Securities 1. In August 2020 it bought Prudential Life Insurance Company of Korea for 2.3 trillion won, and merged its older life insurer into it in January 2023 1.

Abroad, it bought 70 percent of the Cambodian microlender PRASAC in April 2020 and the remaining 30 percent in October 2021 1.

Filed profit for the year rose from 4.5 trillion won in 2023 to 5.0 trillion in 2024 and 5.8 trillion in 2025 1. The 2024 figure carried voluntary compensation Kookmin Bank paid over past sales of equity-linked securities tied to the Hang Seng China Enterprise Index 1.

Trading gains did much of the lifting: net gains on financial instruments at fair value rose from 1,012 billion won in 2024 to 3,380 billion won in 2025 1.

Kookmin Bank and lending

Kookmin Bank is the group's core lender, serving individuals, small firms and large companies through 771 branches at the end of 2025 1. The group counts about 39.0 million retail customers, over half of Korea's population 1.

Total loans were 497,384 billion won at the end of 2025, of which companies took 47.9 percent and households 40.5 percent 1. The group calls itself the largest private sector mortgage lender in Korea 1.

The retail banking segment earned 1,445 billion won in 2025, down 1.0 percent 1. The report blames lower yields on consumer, mortgage and home equity loans 1.

Cards, securities and insurance

KB Kookmin Card issues most of the group's credit cards and had 13.57 million cardholders at the end of 2025 1. KB Securities, KB Insurance and KB Life Insurance add brokerage, investment banking and insurance 1.

In the first half of 2026 Kookmin Bank's profit for the period rose 2.51 percent to 2,224,242 million won 5. KB Securities earned 801,004 million won, up 133.96 percent 5.

Abroad

The report lists 22 overseas subsidiaries and 13 branches 1. KB PRASAC Bank in Cambodia has 186 branches and PT Bank KB Indonesia has 151 1.

People and owners

Jong Hee Yang is chairman and chief executive, a director since November 2023 whose term ends on 20 November 2026 1. At the end of 2025 Kookmin Bank had 12,893 full-time employees and the other subsidiaries 8,331 1.

The largest shareholder is the Korean National Pension Service, which owned 32,536,871 shares, or 9.17 percent, on 19 October 2026 10. At the end of 2025 Capital Research and Management Company reported 8.79 percent and BlackRock 5.63 percent 1.

Current problems

Provisions for ELS and LTV penalties, among others, reached 333,002 million won at the end of 2025, and the report says the amount may change 1. Card receivables overdue by 30 days or more were 1.5 percent, down from 2.1 percent 1.

The report also warns that Korea tightened lending rules again, most recently in October 2025, because household debt keeps rising 1.

The umbrella, in words

The KB Star Club priority program runs through seven subsidiaries: Kookmin Bank, KB Securities, KB Insurance, KB Kookmin Card, KB Life Insurance, KB Capital and KB Savings Bank 1. Private banking uses the brand Gold & Wise 1.

The group owns KB Capital, KB Insurance, KB Securities and KB Life Insurance outright after those deals, and took a 67 percent interest in Bukopin, now PT Bank KB Indonesia, through Kookmin Bank 1.

No holder has different voting rights, and the report knows of no shareholder acting in concert that exercised control 1.

Shareholders vote on 20 November 2026 on Jae Keun Lee as executive director, for a term the company expects to run from 21 November 2026 to 20 November 2029 2. The board's reasons call for a bold transformation of the group 2.

The company plans to cancel the shares its 700,000 million won buyback acquires, with buying scheduled to end on 16 December 2026 11. The buyback was still ongoing on 26 October 4.

On 23 July 2026 the board declared a quarterly dividend of 1,155 won per common share, expected to be paid within one month 7.

The record date for voting at the meeting was 19 October 2026 3. Shareholders may vote without attending, through the e-voting system run by the Korea Securities Depository 3.

The annual report says the group plans to strengthen its overseas platform, its wealth management for wealthy clients and its corporate lending 1.