Jeonbuk Bank, Finda Jointly Acquire Daewon Savings Bank, Expand AI Finance Business

60:40 stake split... Combining financial institution operating experience and AI technology
Expanding financial services for low-income households, small business owners, and foreign nationals

Jeonbuk Bank, part of JB Financial Group, is jointly acquiring a stake in Daewon Savings Bank with fintech company Finda.

Jeonbuk Bank said on October 23 that it had received approval from financial authorities on October 21 and proceeded with the joint acquisition of Daewon Savings Bank with Finda. Following the acquisition, Finda will hold a 60% stake and become the largest shareholder, while Jeonbuk Bank will acquire the remaining 40%.

Exterior of Jeonbuk Bank.

The acquisition is significant because it expands the existing partnership between Jeonbuk Bank and Finda into the actual operation of a financial institution. The two companies have worked together since forming a strategic partnership in 2023, and plan to use the acquisition as an opportunity to explore a business model that combines experience operating a financial institution with digital technology.

Established in 1998, Daewon Savings Bank is a mutual savings bank headquartered in Gyeongju, North Gyeongsang Province. Finda plans to drive business innovation by leveraging its financial data and information technology capabilities, while Jeonbuk Bank will draw on its experience in operating a financial institution, including loan assessment, risk management, and internal controls, to support stable management.

The two companies will also work to apply artificial intelligence technology to financial product development and business operations, expanding services tailored to customers' financial needs and improving operational efficiency. They plan to gradually apply to Jeonbuk Bank's existing businesses the experience they gain in using data through this process.

Through this partnership, Jeonbuk Bank also plans to strengthen services that address the diverse financial needs of low-income households, small business owners, foreign nationals, and other customers. It is considering ways to improve the convenience of customer consultations and digital services, and to make financial services more accessible by using artificial intelligence and data analytics.

Jeonbuk Bank has expanded its business through specialized services, including those for low-income households and foreign nationals. The joint acquisition is seen as an effort to combine digital technology with these existing financial services, broaden its customer base, and identify new business opportunities.

Jeonbuk Bank President Park Chun-won said, "Our partnership with Finda is a strategic move to combine our financial services experience with digital technology, improve customer access, and respond swiftly and flexibly to changes in the future financial landscape."

He added, "This will be an opportunity to expand into new business areas and build experience and capabilities in applying artificial intelligence technology to financial operations. We will continue our role in regional and inclusive finance while providing customers with more convenient financial services."

This content was produced with the assistance of AI translation services.