April 23, 2024

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[THE INVESTOR]  KB Financial Group, South Korea’s major financial holding company, said Sept. 6 it is exploring the sale of Hyundai Savings Bank.

“We are currently seeking potential buyers after hiring Ernst & Young Hanyoung as a lead advisor for the transaction,” KB said in a regulatory filing.

Hyundai Savings Bank is one of subsidiaries of Hyundai Securities which was acquired by KB Financial Group.

The group said it plans to sell the savings bank unit within two years after Hyundai Securities merges with the firm.

The merger process between KB and Hyundai Securities is expected to complete by the end of December.

By Park Han-na (hnpark@heraldcorp.com)