SBI Savings Bank to Rebrand as 'Kyobo SBI Savings Bank' in November

[Financial News] SBI Savings Bank will change its name to Kyobo SBI Savings Bank this November. The move reflects the Kyobo brand in its corporate name after the bank became part of Kyobo Life Insurance Group in April. Service agreements and rights held by existing customers will remain unchanged.
According to the financial industry on the 30th, SBI Savings Bank announced on its website on the 28th that it would change its corporate name from SBI Savings Bank to Kyobo SBI Savings Bank starting November 1. The revised service terms and conditions will also take effect that day.
The name change comes about 13 years after the bank changed its name from Hyundai Swiss Savings Bank to SBI Savings Bank following its acquisition by SBI Holdings in 2013. Kyobo Life Insurance secured a 50% plus one share stake in SBI Savings Bank in April, becoming its largest shareholder. SBI Holdings, the former controlling shareholder, remains a major shareholder, while the new corporate name incorporates both the Kyobo and SBI brands.
Although the service terms and conditions will be revised following the name change, existing customers' service agreements and rights, as well as the personal information protection policy, will remain unchanged.
Kyobo SBI Savings Bank is also expected to use the name change as an opportunity to pursue rebranding efforts, including replacing its logo, and accelerate efforts to create business synergies between the two companies.

[email protected] Ye Byeong-jeong Reporter