JB Financial, Finda Jointly Acquire Daewon Savings Bank... "Building a New Financial Model"

Finda to hold a 60% stake and Jeonbuk Bank 40%
Combining Jeonbuk Bank's financial capabilities with Finda's technology

JB Financial Group is joining forces with fintech company Finda to jointly acquire Daewon Savings Bank and build a new financial model in which banks and fintech companies work together.

JB Financial said on October 27 that the Financial Services Commission recently approved its planned acquisition of Daewon Savings Bank with Finda. The total acquisition price is 12 billion won, with Finda holding a 60% stake and Jeonbuk Bank, a JB Financial subsidiary, holding the remaining 40%.

JB Financial said it plans to combine the bank's financial capabilities with Finda's technology to respond quickly to the rapidly changing financial environment and jointly build a savings bank that continues to innovate.

Drawing on Jeonbuk Bank's banking experience, JB Financial will provide support in areas such as risk management, loan portfolio soundness, internal controls, and regulatory compliance. Finda will lead the introduction of new technologies and the operation of an AI-native bank, leveraging its accumulated customer data and artificial intelligence (AI) capabilities.

JB Financial said it plans to go beyond the role of a simple supporter and serve as a partner in designing and implementing a new financial model, creating new revenue sources through change.

JB Financial Chairman Kim Ki-heung said, "This joint acquisition is an innovative example of cooperation in which a bank and a fintech company combine their respective strengths to build a new financial model together. Building on the financial capabilities we have developed over the years, JB Financial Group will join forces with fintech companies to respond quickly to the rapidly changing times and lead the way in financial innovation."

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