JB Financial Group Co., Ltd. completed the acquisition of remaining 43.03% stake in Kwangju Bank Co., Ltd..
October 08, 2018
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JB Financial Group Co., Ltd. (KOSE:A175330) agreed to acquire remaining 43.03% stake in Kwangju Bank Co., Ltd. (KOSE:A192530) for approximately KRW 240 billion on July 13, 2018. Pursuant the terms of the transaction 1.88145 shares of JB Financial Group Co., Ltd will be issued against each share of Kwangju Bank Co., Ltd. JB Financial Group Co., Ltd will issue 41.5 million new shares as consideration. Post completion JB Financial Group Co., Ltd. will own 100% stake in Kwangju Bank Co., Ltd. Transaction is subject to approval by the shareholders of JB Financial Group Co., Ltd in a meeting to be held on September 20, 2018. The transaction is approved by the shareholders of JB Financial Group Co., Ltd and shareholders of Kwangju Bank Co., Ltd on September 20, 2018. The transaction is expected to close on October 9, 2018.
JB Financial Group Co., Ltd. (KOSE:A175330) completed the acquisition of remaining 43.03% stake in Kwangju Bank Co., Ltd. (KOSE:A192530) on October 9, 2018.
JB Financial Group Co Ltd is a Korea-based holding company mainly engaged in the financial industry. The Company operates its business through three segments. The Banking Business segment engages in the business of supplying funds in the form of short- and long-term loans to recipients of funds, using funds acquired in the form of deposits from the general public as the main source. The Specialized Credit Finance Business segment engages in the facility rental business, installment finance business, and new technology business finance business. The Other segment engages in collective investment business such as asset management business, investment advisory business, and discretionary investment business. In addition, this segment provides financial support and business management for subsidiaries.
JB FINANCIAL GROUP CO., LTD. 
