JB Financial, Finda move to jointly acquire Daewon Savings Bank

[Financial News] JB Financial Group has completed the acquisition of Daewon Savings Bank together with fintech company Finda.
According to financial industry sources on the 27th, the acquisition of Daewon Savings Bank, jointly pursued by JB Financial and Finda, was finalized after approval from the Financial Services Commission.
The total acquisition price was 12 billion won. Finda secured a 60% stake, becoming the largest shareholder, while JB Financial affiliate THE JEONBUK BANK LTD. took part as the second-largest shareholder with a 40% stake. Daewon Savings Bank was established in 1998 and is headquartered in Gyeongju, North Gyeongsang Province.
The two companies plan to combine the bank’s experience in financial services with fintech’s technological capabilities to create a savings bank that can respond flexibly to a changing financial environment. The acquisition differs from previous savings bank acquisitions in that a traditional financial company and a fintech firm will jointly participate in management and combine their respective strengths.
JB Financial will support the strengthening of the bank’s management foundations, including risk management, loan portfolio soundness, internal controls, and regulatory compliance, drawing on the financial expertise accumulated by THE JEONBUK BANK LTD. Finda is expected to lead the introduction of new technologies and the operation of an AI-native bank by leveraging customer data and artificial intelligence (AI) technology.
JB Financial Chairman Kim Ki-hong said, "This joint acquisition is an innovative example of cooperation in which banks and fintech companies combine their respective strengths to build a new financial model together."
[email protected] Ye Byung-jung Reporter