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KB Securities completes disposal of savings banking unit

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KB Securities completes disposal of savings banking unit

KB Financial Group Inc., the largest South Korean financial group by total assets, said its brokerage unit KB Securities Co. Ltd. completed the same-day sale of a 100% stake in unit Hyundai Savings Bank Co. Ltd.

The group said Oct. 16 that KB Securities gained 203.86 billion South Korean won from the disposal.

The brokerage signed an agreement May 25 to sell Hyundai Savings Bank for 210.17 billion won, after selecting a consortium led by Eugene Group as the preferred buyer of a bidding process.

As of Oct. 13, US$1 was equivalent to 1,126.04 South Korean won.