JB Financial Group, a Jeonju-based financial holding company, said Thursday it has renamed its subsidiary Mega Investment to JB Investment.

The finance company inked a deal to take over Mega Investment from South Korean online educational service provider MegaStudy in May for 48 billion won ($36.5 million). The deal was signed as part of the regional bank’s efforts in diversifying its business portfolio, said JB Financial Group.

The newly named JB Investment is a venture investment firm which invests in promising startups. The company, founded in 2011, has funded startups in different industries including South Korean streaming media service Watcha and online luxury goods retailer Balaan.

Alongside JB Investment, JB Financial Group operates eight subsidiaries, including Jeonbuk Bank, Kwangju Bank, JB Woori Capital, and JB Asset Management, handling operations from personal and mortgage loans to installment finance to asset management. The Kospi-listed group is the first regional bank to provide overseas financial services in Vietnam, Myanmar, China and Cambodia.

Through rebranding its venture investment arm, the finance company said it plans to create synergy among its subsidiaries, effectively building a value chain in corporate investments and expanding its nonbanking profits.

By Lee Seung-ku (seungku99@heraldcorp.com)