JB Financial Group Pushes for Securing 100% Shares of Kwangju Bank

JB Financial Group acquires Kwangju Bank’s non-controlling interest through comprehensive share swap

SEOUL, South Korea--()--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.

Contacts

JB Financial Group
Erin Choi, 82-2-2128-2754
IR Department
erin.choi@jbfg.com

Release Summary

JB Financial Group acquires non-controlling interest of Kwangju Bank through comprehensive share swap and turns it into a fully owned subsidiary.

Contacts

JB Financial Group
Erin Choi, 82-2-2128-2754
IR Department
erin.choi@jbfg.com