SEOUL, South Korea--(BUSINESS WIRE)--JB Financial Group (KRX:175330) is set to secure all the minority shares of Kwangju Bank, which it acquired in October 2014, and turn it into a fully owned subsidiary.
The board of directors of JB Financial Group approved the decision to secure 43.03% of Kwangju Bank’s non-controlling interest through a comprehensive share swap. The group has been the largest shareholder of Kwangju Bank since October 2014 when it acquired 56.97% stake held by Korea Deposit Insurance Corporation.
After convening a shareholders meeting for approval of the share swap on September 20, JB Financial Group will exchange the shares on October 9 and the new shares will start trading on October 26.
The comprehensive share swap will take place at a ratio of 1.8814503 JB Financial Group share per Kwangju Bank share.
“Through this share swap, JB Financial Group will consolidate Kwangju Bank as a fully owned subsidiary having ownership over its entire net profit. This will not only improve the group’s key financial ratios but also improve group-wide management efficiency and more consistent long-term strategy,” a JB Financial Group official said.
The IR material about the share swap is available on English page of www.jbfg.com, under Investor Relations, Business Result.
