JB Financial moves to acquire Kyrgyz financial firms, expanding into Central Asia

[Financial News] JB Financial Group is setting out to target Central Asian financial markets, using Kyrgyzstan as a springboard.
According to financial industry sources on the 22nd, JB Woori Capital, an affiliate of JB Financial Group, signed a share purchase agreement with the parent company of Kyrgyz financial firms Korky Credit and Korky Leasing to acquire 100% of the shares in both companies.
Once local financial regulators’ approval and registration procedures are complete, both companies will become wholly owned subsidiaries of JB Woori Capital. The company aims to complete the acquisition within the year, after going through the relevant procedures.
JB Woori Capital plans to establish itself in the Kyrgyz market by combining its experience in South Korea’s auto finance business with local infrastructure. It will introduce differentiated auto finance products and services tailored to local customers’ needs and, over the medium to long term, plans to diversify its revenue sources by moving away from a business structure focused on retail. Through these efforts, it aims to build a stable foundation for growth and gradually expand its operations in the local financial market.
Meanwhile, once the acquisition is complete, JB Financial’s overseas footholds will increase to five in total, following its commercial bank in Cambodia, microfinance company in Myanmar, securities firm in Vietnam, and specialized credit finance company in Indonesia.

[email protected] Ye Byung-jung Reporter