KB Financial Group, Inc. (NYSE:KB) was founded on February 1, 1963, formerly known as Kookmin Bank (Korean: 국민은행), headquartered in Seoul, South Korea, and is the largest commercial bank in South Korea .
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The predecessor of Kookmin Bank was the (old) Kookmin Bank established on February 1, 1963. In the 1990s, it merged with Dadong Bank and Long-term Credit Bank. After the Asian financial crisis, on April 23, 2001, the old Kookmin Bank was instructed by the government to merge with Korea Housing Bank and became the largest commercial bank in Korea, and the new Kookmin Bank was born. As of December 31, 2014, Kookmin Bank has 1161 branches across the country, and has established business overseas branches in major international financial cities such as New York, London, Tokyo, Hong Kong, Oakland, Guangzhou, Harbin, and more than 2500 domestic branches. 10,000 customers, accounting for 57% of South Korea’s total population.
In March 2006, Kookmin Bank defeated rival Hana Financial Group (Hana Financial Group) and Singapore’s DBS Bank, and reached an agreement with the US investment company LoneStar Funds to reach 7 trillion won (approximately equivalent). US$7.2 billion) to acquire a stake in Korea Exchange Bank and take control of the bank. This move is intended to consolidate its dominance in Asia’s third largest economy.
On January 13, 2012, the China Banking Regulatory Commission formally approved the restructuring of Kookmin Bank Co., Ltd. in China into Kookmin Bank (China) Co., Ltd., and approved its preparation for the establishment of Kookmin Bank (China) Co., Ltd. in Beijing, the former Kookmin Bank shares Co., Ltd. Guangzhou Branch, Harbin Branch and Suzhou Branch were restructured into National Bank (China) Co., Ltd. Guangzhou Branch, Harbin Branch and Suzhou Branch. On November 21, 2012, KB National Bank (China) Co., Ltd. was established in China, and its Beijing branch also opened at the same time.