Chief Executive Kim Moon-seok of SBI Savings Bank has secured a fourth consecutive term.
According to the financial sector on the 22nd, SBI Savings Bank held a regular shareholders meeting on the 20th and approved the agenda item to appoint Kim as chief executive. Kim's term is one year. Since taking office in Feb. 2023, Kim has been reappointed every year.
Kyobo Life Insurance received approval from the Financial Services Commission for a change of major shareholder to acquire SBI Savings Bank. It plans to soon complete the acquisition of a "50%+1" equity stake and secure the position of largest shareholder of SBI Savings Bank. The equity to be acquired by Kyobo Life Insurance is held by Japan's SBI Group, and the acquisition amount is about 900 billion won.
Kyobo Life Insurance plans to maintain the current management structure for the time being, taking into account the top-ranked managerial know-how in the savings bank industry.