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
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
(1) Support for Japanese corporations operating in
(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,
Listed Exchange:
(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,
Total Assets: KRW
245 trillion (as of June 30, 2008)
Ratings: Aa3
(Moody’s), A(S&P), A+(Fitch)
End
of Document
