Finda takes 60% stake, Jeonbuk Bank 40%
JB Financial Group's Jeonbuk Bank and fintech firm Finda have jointly acquired Daewon Savings Bank for 12 billion won ($9.06 million), combining the bank's financial management expertise with Finda's data and AI capabilities to drive the savings bank's operations.
JB Financial Group announced Thursday that the acquisition, pursued jointly with Finda, was completed following approval from the Financial Services Commission. Finda secured a 60 percent stake to become the largest shareholder, while Jeonbuk Bank holds the remaining 40 percent as the second-largest shareholder.
Daewon Savings Bank is a mutual savings bank founded in 1998 and headquartered in Gyeongju, North Gyeongsang Province.
Jeonbuk Bank will draw on its banking experience to support risk management, credit quality oversight, internal controls and regulatory compliance. Finda plans to leverage its customer data and AI capabilities to lead the adoption of new technologies and oversee AI-driven operations at the savings bank.
With a loan brokerage platform and a bank now jointly running the savings bank, the scope of collaboration will extend from product development through credit screening and portfolio management.
JB Financial Group said it intends to use the joint acquisition as a springboard to design and execute a new financial model alongside a fintech partner, securing additional revenue streams in the process. The group also expects the partnership to improve the savings bank's capital stability and operational efficiency.
"This joint acquisition is an innovative example of a bank and a fintech company combining their respective strengths to build a new financial model together," JB Financial Group Chairman Kim Ki-hong said. "Building on the financial capabilities we have accumulated, we will join hands with fintech to respond swiftly to the rapidly changing times."
forest@heraldcorp.com
