Chairman Euh Yoon-dae of KB Financial Group announced at the shareholders meeting on March 23 at the Kookmin Bank head office in Yeouido, Seoul, that the group will jump into the race to take over ING Life Insurance Co. in competition with other financial firms including Woori Financial Group. The financial group has a total assets of 362 trillion won with 2.8 million customers and a branch network of 1,200 managed by its 10 financial affiliates led by Kookmin Bank as the largest financial group in Korea. The group’s aim is to be among the top 10 financial groups in Asia and the top 50 in the world.

KB Financial Group is Korea’s leading financial institution with the largest customer base and the most extensive branch network in the country. With total assets exceeding US$352 billion, the Group wields a solid capital prowess and enjoys a strong brand loyalty. As of February 2012, the Group has ten domestic subsidiaries--banking, credit cards, securities, life insurance, asset management, real estate trust, venture capital, credit information, data system, and savings bank °™ and three overseas subsidia-ries in Hong Kong, England, and Cambodia.

 Chairman Euh has been serious about expanding the group’s overseas operations further, although it already has three wholly-owned subsidiaries, seven branches, and one office abroad. The chairman has been pushing to expand into such emerging markets as China, India, Indonesia, and Vietnam. 

 In 2007, the group elevated its office in Ho Chi Minh City to a branch and plans to set up more branches and wholly-owned subsidiaries in China. Also included in the plan for overseas expansion are new branches in such countries as Mumbai, India, Hanoi, Vietnam, and Osaka, Japan, to make them bases for regional operations for the financial group’s affiliates, though mostly Kookmin Bank.

 Euh attended the G100 Europe held in London on Feb. 27-28, the first time for a Korean CEO. The participants included the heads of many famous global companies including A.G. Lafly, the CEO of P&G, CEO Pierre Nanterme of Accenture, President Andrew Moss of Aviva Group, and others, who discussed the international economy, business environment, and other major global issues.

 Euh talked about the changing business trends in Korea due to an increase in the senior population as well as banking operations.

 He also travelled to a number of other cities in Britain including Edinburgh, followed by Abu Dhabi and Dubai in the United Arab Emirates for investment relations and meetings with key business leaders in those cities.

Euh so far met with institutional investors in 150 locations around the world to exchange ideas and attract investments to affiliates of the group.

 Ever since his inauguration as chairman of the financial group in July 2010, he set out to trim the payroll of Kookmin Bank, which totaled around 30,000 °™ two to three times larger than those of rival banks. He initiated a voluntary retirement plan through which he was able to cut the number of the bank’s employees by around 3,000.

 He trimmed the bank °™ s payroll while at the same time boosted its productivity and competitive power and changed its conservative corporate culture to a more liberal one. He also took measures to trim the number of employees at other affiliates including the merger of KB Investment and Securities and KB Futures and spun off KB Card from Kookmin Bank.

 Euh also took measures to reorganize the bank by merging, trimming or closing departments such as pension and trust.

 The chairman has also been trying to introduce the reimbursement system based on merit or performance in personnel matters as part of his effort to develop talented personnel.