A KB Financial employee promotes a comprehensive automobile financing program to a customer. (KB Financial)
Seeking to add fuel to its recently launched insurance subsidiary, KB Financial Group presented a comprehensive automobile financing program that brings banking, credit card, capital and insurance services into a single package.
The program will not only reinforce the group’s internal network but also expand its business horizon into the relatively weak non-banking sector, according to officials.
Late last month, the banking group announced the official kickoff of KB Insurance, the renewed version of LIG Insurance and the group’s first-ever insurance affiliate, and subsequently launched the KB Car Financing Package.
The product consists of a car payment savings account (KB Kookmin Bank), a monthly payback plan (KB Capital), a specialized credit card offering car-related benefits (KB Kookmin Card) and an automobile liability insurance (KB Insurance).
“Our intention was to maximize the synergistic effect of the package program from the very start and thus gain an initiative in the market,” said the group’s spokesperson.
With the launch of KB Insurance, the group lowered its reliance on banking business to 71 percent from 75 percent in assets and to 64 percent from 70 percent in net profits.
“We have now built an extensive financial lineup, incorporating all key businesses ranging from banking, credit card, securities, savings banks, capital and now to insurance,” said Yoon Jong-kyoo, group chairman and bank president.
By Bae Hyun-jung (
tellme@heraldcorp.com)