Chairman Yoon Jong-kyoo of KB Financial Group, center, is all smiles after getting the 2017 Dasan Financial Grand Award on Jan. 3 at an award presentation ceremony held at Lotte Hotel.

(Photo: KB FG)

Chairman Yoon Jong-kyoo  won the 27th Dasan Financial Grand Award 2017  on Jan. 3 at a ceremony held at Lotte Hotel in downtown Seoul hosted by the Korea Economic Daily and the Financial Services Commission.

The citation for the covered award recognized the chairman’s  outstanding contribution to the group in turning around its operation in three years he took management of the group with its net profit in the three quarters of last year boosted to 2.757,7 trillion won, the largest in the group’s history. He took control of the group in November, 2014, as chairman and CEO.

The juries agreed that the award winner’s contribution to help the group recapturing its leading position among the financial groups in Korea has been one of the biggest achievements credited to the chairman.

They also credited Yoon for the group’s successful M&As of LIG Non-Life Insurance and Hyundai Securities to help the non-banking sector to hold a bigger share of the group’s profit compared to the banking sector to balance the net profit shares among various sectors of the financial group.

KB Financial Group went ahead with its personnel reshuffle that included 11 affiliates CEOs, with four of them promoted on Dec. 24. The new CEOs included Lee Dong-chol of KB Card, former vice president of KB Financial Holdings and Huh Jeong-soo of KB Life Insurance, who used to be vice president of KB Bank. Managing Director Shin Hong-seob was named as the CEO of KB Savings Bank, while Vice President Kim Ki-hon of KB Financial Holdings was named to head KB Data System as president.

President Lee is a graduate of Jeju High School and then a law degree graduate of Korea University, and held a variety of important jobs while working for the KB Financial Group including stints as strategist, accounting clerk and marketing with various affiliates of the group such as bank, life insurance, and holding company. 

President Huh is a graduate of Kwangju High School and an economics graduate of Dongguk University. He held a number of important positions at affiliates including a bank, holding company, and non-life insurance, among others, with the top position among them as CFO. 

Their nominations are expected to be formally approved at shareholders meetings for each affiliate.

Wells Fargo & Company MN raised its holdings in shares of KB Financial Group Inc by 6.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. 

The institutional investor owned 377,910 shares of the bank’s stock after acquiring an additional 23,827 shares during the period. Wells Fargo & Company MN owned approximately 0.09% of KB Financial Group worth $18.5 million as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in KB. Hermes Investment Management Ltd. bought a new stake KB Financial Group in the 3rd quarter worth $8.7 million. 

Arrowstreet Capital Limited Partnership raised its stake in shares of KB Financial Group by 49.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 357,279 shares of the bank’s stock worth $18 million after buying an additional 118,515 shares in the last quarter. 

Russell Investments Group Ltd. raised its stake in shares of KB Financial Group by 122.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 126,239 shares of the bank’s stock worth $6.1 million after buying an additional 69,500 shares in the last quarter. Crossmark Global Holdings Inc. bought a new stake in shares of KB Financial Group in the 3rd quarter worth $2.9 million. Finally, Northern Trust Corp raised its stake in shares of KB Financial Group by 3.9% in the 2nd quarter. 

Northern Trust Corp now owns 1.1 million shares of the bank’s stock worth $59,004,000 after buying an additional 43,788 shares in the last quarter. 5.68% of the stock is currently owned by hedge funds and other institutional investors.