Jeonbuk Bank, Finda to jointly acquire Daewon Savings Bank with 40-60 stake split

Jeonbuk Bank and fintech firm Finda will jointly acquire Daewon Savings Bank, combining the bank's credit assessment and risk management expertise with Finda's data and AI technology to expand their cooperation into the savings bank sector.

Jeonbuk Bank announced Friday that the joint acquisition with Finda received regulatory approval Wednesday. Under the deal, Finda will take a 60 percent stake as the largest shareholder, while Jeonbuk Bank will hold the remaining 40 percent.

The acquisition extends a strategic partnership the two companies formed in 2023. They plan to build on their existing cooperation by expanding into savings bank operations to pursue new business opportunities.

Daewon Savings Bank, founded in 1998, is based in Gyeongju, North Gyeongsang Province. Finda will drive business innovation using financial data and IT capabilities, while Jeonbuk Bank will support credit assessment, risk management and internal controls to ensure stable operations.

By broadening their collaboration from product brokerage to running a financial institution, the two companies aim to build a foundation connecting data analysis to product design, screening and post-management.

The partners plan to integrate data and AI technology into financial product development and business operations to expand personalized services and improve operational efficiency. Jeonbuk Bank will also apply AI experience gained through the partnership to its existing business in stages. The bank is also exploring ways to improve the convenience and accessibility of consulting and non-face-to-face services for everyday consumers, small business owners and foreign customers.

"This joint acquisition will be an important opportunity to expand into new business areas and accumulate experience and capabilities in applying AI technology to actual financial operations," Jeonbuk Bank President Park Chun-won said. "We will continuously strengthen our role in regional and inclusive finance while actively leveraging fintech and AI technology to provide customers with more convenient and differentiated financial services."