Chairman Yoon Jong-kyoo of KB Financial Group wants all of the group’s operational sectors to be number one in the industry by focusing their operations on jobsites, where everything happens.
In his congratulatory speech on the occasion of the financial group’s 7th anniversary ceremony on Sept. 25, he said the company’s purpose is to be “number of one in every financial sector of our operation, with the most important factor for achieving the target being a focus on jobsites to make their operations strong.”
Chairman Yoon pointed out the changing accounts, individual asset management account system and other banking systems that are introduced for the first time have been expanding selection rights for the customers and each branch should run its operation so that it can be close to all of its customers.
To describe the kind of crisis the financial industry finds itself in now, he quoted Charles Darwin: it’s not the strong seed that survives the best, but it is the seed that can cope with changes that will be able to survive the best.
Yoon also warned that the lifespan for S&P 500 firms averaged 18 years, while those for the listed companies in Korea averaged 33 years, showing that you cannot stand still, satisfied with the current situation of your firm; changes come fast and could sweep away all your success overnight.
Granting that the past seven years have been a period for preparation, it is time now to build a one-firm structure, he said, adding that all of the cooperative firms should boost their competitive edge and at the same time strengthen their cooperative ties with the affiliated firms.
The chairman also called on the officers and staff to change their attitudes and understanding of their companies. “They should think they are the masters of the companies they work for,” he said. “They should work like they were two or three levels higher than their current positions, not just taking care of the work they are charged with.”
Citing various challenges the finance sector is now facing, such as the emergence of Fintech, he said, “For this, we need to strengthen the non-banking portfolio and build up synergy among our affiliates, from banking to non-banking. We need a flexible organization and human resources management for a quick response to changes; and put our priority on sales.”
The KB Financial Group was launched in 2008 and celebrated its 7th anniversary on Sept. 29. Its affiliates have grown to 12, including Kookmin Bank, KB Non-Life Insurance Co., and KB Kookmin Card, among others. Customers total over 30 million across the country.
KB Financial Group is making efforts to enhance corporate value by continuous improvement of corporate governance and create sound and transparent management environment and doing its best to protect and improve the rights and interests of all the interest parties by operating independent board of directors and auditing organization with responsible management system.
Six committees such as audit committee, risk management committee, evaluation and compensation committee, non-executive director nominating committee, audit committee member nominating committee, corporate governance committee, and non-executive directors execute positive role of the check & balance to executive managements.
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