Kyobo Life Insurance has decided to acquire 50% plus one share of SBI Savings Bank for 900 billion won.
Kyobo Life Insurance held a board meeting on the 28th and resolved to gradually acquire 50% plus one share of SBI Savings Bank by October 2026. The shares will be purchased from SBI Holdings, the largest shareholder of SBI Savings Bank, with an acquisition amount of approximately 900 billion won. As of this day, SBI Holdings holds 85.23% of its stock, excluding 14.77% of its own shares.
A representative of Kyobo Life Insurance noted, "With the foot option dispute effectively concluded, we are now able to accelerate the transition to a financial holding company," and added, "Our entry into the savings bank sector is part of the initiative to transition to a holding company and diversify our business portfolio, and we will actively pursue expansion into non-insurance financial businesses, including acquiring property and casualty insurers in the future."
SBI Savings Bank is the industry leader with total assets of 14.0289 trillion won, total capital of 1.8995 trillion won, and 1.72 million transaction customers as of the end of last year. It recorded net profits of 349.5 billion won in 2021 and 328.4 billion won in 2022. In 2023, affected by the economic downturn, it reported 89.1 billion won, and last year it showed 80.8 billion won.
Kyobo Life Insurance plans to acquire a 30% stake in the second half of this year after receiving approval from financial authorities for a major shareholder. The actual voting equity stake, taking into account non-voting treasury shares, is 35.2%.
Kyobo Life Insurance plans to acquire 50% plus one share of SBI Savings Bank by the end of October 2026 in line with the transition to a financial holding company. The voting equity stake is 58.7%. As Kyobo Life Insurance will be able to exert management rights starting in 2027, it plans to engage in joint management for the time being.
Kyobo Life Insurance and SBI Group have collaborated in the financial sector since 2007. In particular, SBI Holdings last month acquired 9.05% of Kyobo Life Insurance's equity held by private equity firm Affinity. Recently, it further increased its ownership stake to 20% by acquiring additional shares held by financial investors of Kyobo Life Insurance.
A representative of SBI Group said, "Based on our long-standing cooperative relationship with Kyobo Life Insurance, we plan to further strengthen strategic partnerships in various financial sectors in the future."