KB Financial approved as finance holding company in USA
KB Financial has gained regulatory approval to operate as a finance holding company in the US.  Previously, KB Financial could only operate as KB Kookmin Bank in the US market, however, it had to apply for the finance holding firm status due to its acquisition of LIG Insurance.  The acquired company is now rumoured to be renamed KB Nonlife Insurance.
KB Financial Group said Friday that it has received regulatory approval from the Federal Reserve to operate as a finance holding company in the U.S. market.



With the eligibility endorsed, the South Korean group has been entitled to carry out comprehensive financial businesses for both commercial banking and nonbanking in North America.



KB Financial, which was operating only KB Kookmin Bank in the U.S., had to apply for the finance holding firm status as its acquisition target, LIG Insurance, has U.S. incorporation as well as its Korean headquarters and operations.





KB Financial chief Yoon Jong-kyoo