The Jeonbuk Bank Ltd announced that it expects to receive KRW 50 billion in funding from JB Financial Group Co., Ltd.
June 17, 2018
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The Jeonbuk Bank Ltd (KOSE:06350) announced a private placement of 2,500,000 shares at a price of KRW 20,000 per share for gross proceeds of KRW 50,000,000,000 on June 18, 2018. The transaction will include participation from returning investor, JB Financial Group Co., Ltd. (KOSE:A175330) to maintain its 100% stake in the company. Post the closing, the investor will hold 92,324,362 shares in the company. The payment date is June 25, 2018. The transaction has been approved by the board of directors of the investor.
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. 
