April 16, 2024

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[THE INVESTOR] The chairman of KB Financial Group said on Nov. 20 that he is considering making inroads into Indonesia and Vietnam as part of efforts to secure future growth.

KB Kookmin Bank, a flagship unit of KB Financial Group, entered Myanmar, Laos and Cambodia last year, raising the number of countries in its overseas network to 15.

“We are considering the strategy of drastically pursuing M&As in the banking and financial sector,” Yoon Jong-kyoo said in a news conference at the bank‘s headquarters in western Seoul after winning a second three-year term in office at a shareholders’ meeting.

Still, he did not elaborate on possible merger and acquisition deals.

For the January-September period, KB Financial’s combined net profit stood at 2.75 trillion won (US$2.50 billion), up 63.2 percent from a year earlier.

By Alex Lee and newswires (alexlee@heraldcorp.com)