The Financial Services Commission said Friday that it has endorsed the establishment of JB Financial Group, which will be headquartered in North Jeolla Province.

The financial group will act as the parent unit of Jeonju City-based Jeonbuk Bank. Jeonbuk Bank had said it was considering a transformation into a financial holding company in a bid to boost its competitiveness through more integrated business of affiliates.

The provincial bank also said it was reviewing the shift for the long haul in a way to raise its competence and details would be disclosed when they are more concrete.

Jeonbuk Bank also owns a credit and auto loan company. In 2011, the bank purchased a 69.67 percent stake in Woori Capital.

(kys@heraldcorp.com)