KB Kookmin Bank announced that it achieved the No. 1 position in default option funds of retirement pension plans.
The default option is a service that automatically manages accumulated funds in a pre-selected product if a retirement plan member does not give a separate product management instruction.
The service was implemented in earnest from July 12, 2023.
As of the end of December 2024, 41 retirement plan providers were selling 315 default option products approved by the Ministry of Employment and Labor.
According to default option disclosure data for the fourth quarter of 2024 released by the Ministry of Employment and Labor, KB Kookmin Bank’s default option contributions amounted to 7,733 billion won, the highest among all 41 default option providers.
By scheme, they were 4,229.5 billion won for DC types and 3,503.5 billion for individual IRPs.
By product risk level, the contributions were 6,456.9 billion won for ultra-low risk products, 892.3 billion won for low-risk products, 277 billion won for medium-risk products and 106.8 billion won for high-risk products.
In particular, KB’s default option funds for high-risk products exceeded 100 billion won.
“KB’s differentiated pension asset management capabilities and unremitting efforts to improve pension returns led the bank to the top of the default option fund rankings,” said a KB Kookmin official.
“We will revitalize the system and help customers prepare for secure retirement lives through competitive default option management.”
KB Kookmin Bank launches KB Stars Bankbook in partnership with Starbucks on April 1.
Launching KB Stars Bankbook in Partnership with Starbucks
KB Kookmin Bank launched Starbucks Star Bankbook on April 1, which kicked off a simple payment service for KB accounts within the Starbucks App.
The passbook was named “KB Star Bankbook” to symbolize the meeting of stars.
KB Stars Bankbook is a deposit with free deposits and withdrawals. It offers an interest rate of up to 2 percent per annum for one year from the account opening date (up to 3 million won and a basic rate of 0.1 percent, a preferential rate of up to 1.9 percent per annum as of March 24, 2025).
Qualified customers will be able to receive additional partnership benefits.
Customers without an existing payroll transfer history will receive one Starbucks Americano coupon per month, up to a maximum of 12 coupons per year, when they deposit a total of 500,000 won or more per month into their KB Star Bankbook.
Customers who link their KB Starbucks account to Starbucks’ account payment method and order drinks through Siren Order will receive additional Starbucks Star Rewards (one per day, up to five per month).
In addition, for the first time, customers can conveniently register their KB Kookmin Bank accounts as a payment method within Starbucks App without entering their bank account numbers.
The details of the product have been available on the KB homepage and KB Star Banking product sign-up page since April 1.
Opening of KB Library in Cambodia
KB Kookmin Bank announced that it has opened KB Library, a cultural space for Cambodians, in Phnom Penh in collaboration with the KB Kookmin Bank Labor Union.
At the completion ceremony held on March 21, KB Kookmin Bank officials and residents celebrated the completion of the new cultural space.
The new library is located at a middle school in Phnom Penh, Cambodia, and is the fourth library following three previous ones in Cambodia and Vietnam.
Since 2022, KB’s labor union has been building KB Libraries with Good Neighbors, a global NGO specializing in children’s rights, to provide cultural infrastructure for people in overseas countries.
Thirty-four KB employees participated in the construction of the library and cultural volunteer activities.
They even donated additional PCs and books to create a better environment at the library.
The KB Kookmin Bank Labor Union is fulfilling its global union social responsibilities through voluntary donations and participation in volunteer activities.
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