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JB Financial celebrates 10th anniversaryBy Song Seung-hyun
Published : June 27, 2023 - 14:29
JB Financial Group celebrated its 10th anniversary with an event held in Muju-gun, North Jeolla Province, according to the financial firm on Tuesday.
The event on Saturday, held under the slogan, "10 Years of Partnership, New Leap," was attended by over 3,500 executives and employees, including JB Financial Group Chair Kim Ki-hong, Jeonbuk Bank CEO Baek Jong-il, Kwangju Bank CEO Ko Byung-il, JB Woori Capital CEO Park Chun-won, JB Asset Management CEO Choi Won-cheol and JB Investment CEO Lee Gu-wook.
Since receiving approval for the establishment of the financial holding company from the Financial Services Commission on June 19, 2013, JB Financial Group has grown to oversee nine companies. At the time, Jeonbuk Bank was the only subsidiary firm under the financial group.
The company incorporated JB Woori Capital as a subsidiary and expanded its subsidiaries further by acquiring JB Asset Management in March 2014. In the same year, it acquired Gwangju Bank as a subsidiary.
Last year, JB Investment was incorporated as a subsidiary of the financial group as well.
JB Financial Group's global business has also experienced significant growth over the last ten years.
It began with the acquisition of Cambodian commercial bank PPCBank Cambodia in 2016, and also established a local subsidiary called JB Capital Myanmar in Myanmar.
In 2019, the Korean financial holdings firm acquired a Vietnamese securities firm from global investment bank Morgan Stanley, leading to the launch of JB Securities Vietnam.
Additionally, in 2021, JB PPAM, an asset management company, was established in Cambodia.
The total assets of JB Financial Group, which were 16.18 trillion won ($12.41 billion) in its first year of establishment, surpassed 60 trillion won in the first quarter of this year.
Moreover, the group achieved a record-high annual net profit of 601 billion won last year, showing significant growth compared to the 271 billion won recorded in its first year.
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