News Release


Enhancement of Business Alliance with Kookmin Bank and Equity Investment in KB Financial Group(1/1)

October 29, 2008

 

Sumitomo Mitsui Banking Corporation

 

Enhancement of Business Alliance with Kookmin Bank

and Equity Investment in KB Financial Group

 

 

Tokyo, October 29, 2008 --- Sumitomo Mitsui Banking Corporation (SMBC, President: Masayuki Oku) and Kookmin Bank, the largest commercial bank in Korea in terms of assets, have mutually agreed that the two banks will amend and restate the agreement on mutual business cooperation on March 12, 2007.

 

By enhancing the collaborative framework in various businesses, SMBC and Kookmin Bank will be able to offer clients more substantial financial services and capture more business opportunities.

 

Further, taking the advantage of this opportunity, SMBC and Kookmin Bank have agreed that SMBC will acquire up to 2% of the total issued common stock of KB Financial Group, the holding company of Kookmin Bank, which is held by Kookmin Bank, subject to global financial market conditions and satisfaction of other conditions. 

 

1. Outline of Business Alliance

(1) Support for Japanese corporations operating in Korea

(2) Syndicated loan business, including secondary market

(3) Real estate finance business

(4) Supporting financing activities related to overseas branches

(5) Mutually supplement their branch networks

(6) Interchange of personnel

 

2. Overview of KB Financial Group and Kookmin Bank

(1) KB Financial Group

Corporation Name:               KB Financial Group, Inc.

Establishment:                        September 29, 2008

Chairman & CEO:                 Young-Key Hwang

Location of Head Office:       9-1, 2-ga, Namdaemoon-ro, Jung-gu, Seoul 100-703,

Korea

Listed Exchange:                    Seoul , New York (ADR)

 

 (2) Kookmin Bank

Corporation Name:               Kookmin Bank

Establishment:                        1963

President & CEO:                  Chung-Won Kang

Location of Head Office:       9-1, 2-ga, Namdaemoon-ro, Jung-gu, Seoul 100-703,

                                             Korea

Total Assets:                         KRW 245 trillion (as of June 30, 2008)

Ratings:                                  Aa3 (Moodyfs), A(S&P), A+(Fitch)

 

End of Document




To News Release Top Page

Go to top of page