[비즈한국] JB Woori Capital is a core affiliate of the JB Financial Group, generating net profits comparable to those of the group’s banking subsidiaries. JB Financial is implementing a strategy to maximize profitability by reducing its exposure to the highly competitive automotive finance sector and focusing on non-automotive finance within its capital portfolio. Furthermore, as JB Financial actively invests in capital markets through JB Woori Capital, it is known as a major "big hand" investor among regional financial holding companies. With over 100 investments made in the first half of this year alone, the current status of JB Woori Capital’s investments is drawing attention.
JB Woori Capital's net profit for 2024 was 223.9 billion KRW, surpassing Jeonbuk Bank (221.2 billion KRW) to become the second most profitable entity within the JB Financial Group. The highest net profit was recorded by Gwangju Bank at 292.7 billion KRW. In the first half of this year, JB Woori Capital maintained its second-place position, posting a net profit of 131.7 billion KRW, a 6.6% increase compared to the same period last year (123.6 billion KRW). Given that banking subsidiaries typically command overwhelmingly higher net profits than other affiliates within financial holding groups, this is highly unusual.
JB Financial is restructuring the capital arm's business portfolio toward high-yield products. It has reduced the share of automotive finance while expanding non-automotive finance sectors such as investment finance and personal credit loans. JB Woori Capital’s business portfolio consists of IB/investment finance, new car finance, used car finance, personal credit loans, general/real estate finance, special finance loans, and strategic finance. Among these, the IB/investment finance sector accounts for the largest share at over 30%.
The share of non-automotive finance assets grew from 59.9% in 2022 to 70.6% in the second quarter of 2025. Within automotive finance, the company is focusing on high-profit used car finance rather than the highly competitive new car finance segment. The share of new car finance, which stood at 21.8% in 2022, dropped significantly to 5.7% in the second quarter of this year.
As the portfolio suggests, JB Financial is actively carrying out investment projects through JB Woori Capital. According to the semi-annual report, JB Woori Capital had invested in 429 companies as of the end of June. In the first half of this year, 109 investment transactions were recorded, including follow-on investments in the same company. While investment targets primarily consist of collective investment vehicles such as investment associations and limited partnerships, there are also a significant number of corporations.
The investment sectors are diverse. Looking at the corporations invested in by JB Woori Capital between January and June 2025, the pharmaceutical and biotechnology sector topped the list with five companies (Alteogen196170, WSI299170, IMGT, Speclipse, and Resense Medical). The firm also reached into artificial intelligence (Eightech, Aizen Global) and secondary batteries (Chunbo278280, Yoosung F&C), while also showing interest in childcare products (Pled), education (Creverse096240), and cosmetic distribution (Rimesse).
On June 30, it attracted attention by investing 923 million KRW in Peacepiece Studio, which operates the fashion brand "Mardi Mercredi," popular among the MZ generation. Peacepiece Studio made headlines in the market by surpassing 100 billion KRW in annual revenue within five years of its founding, achieving 113.8 billion KRW in consolidated revenue in 2024. Peacepiece Studio selected an underwriter in July 2024 and is preparing for an IPO with a target date of 2026.
JB Woori Capital's first-half performance in corporate investments is not bad. A comparison of the initial acquisition cost of corporations invested in between January and June of this year versus their book value as of the end of the period (June 30) shows that Creverse increased from 2.0 billion KRW to 2.11 billion KRW, and Chunbo increased from 2.85 billion KRW to 2.911 billion KRW. The investment in wireless communication equipment manufacturer PS Electronics also grew from 3.0 billion KRW to 3.274 billion KRW. All three companies were invested in by JB Woori Capital in January.
In the pharmaceutical and biotech sector, an investment in drug developer Alteogen yielded profits. JB Woori Capital invested 6.0 billion KRW in Alteogen on February 19, and the book value as of the end of the first half rose to 6.878 billion KRW, an increase of nearly 900 million KRW.
Cases of losses in collective investment vehicles are not difficult to find. The "2024 Daishin-Kingo Growth Capital New Technology Investment Association," in which 2.1 billion KRW was invested on January 21, saw its book value decrease to 1.972 billion KRW. Two Glenwood Credit funds invested in on March 18 (Glenwood Credit Korea No. 1 Private Equity Partnership and Glenwood Credit Co-Investment No. 1 Private Equity Partnership) had initial acquisition costs of 2.3 billion and 3.0 billion KRW, respectively, but their book values at the end of the first half dropped to 1.8 billion and 2.5 billion KRW each.
Meanwhile, JB Financial, which had been actively investing through JB Woori Capital, hit a hurdle after being embroiled in the so-called "Kim Keon-hee butler gate." It was revealed that the firm invested 1.0 billion KRW in the "Oasis No. 3 JD New Technology Association (Oasis Fund)" in June 2023. IMS Mobility is a company founded with the participation of Kim Ye-seong, often referred to as "Kim Keon-hee’s butler," and it received 18.4 billion KRW in funding through the Oasis Fund.
At the time, allegations of unfair investment were raised because IMS Mobility was considered a distressed company in a state of capital impairment, along with suspicions that some of the investment funds flowed to Kim. Due to this incident, Park Chun-won, CEO of JB Woori Capital, was summoned for questioning by a special prosecutor on July 23. The 1.0 billion KRW JB Woori Capital invested in the Oasis Fund resulted in a loss, with a book value of 959 million KRW at the end of the first half.
Concerns about soundness management are also emerging as the firm focuses on high-yield products. Kim Ye-eun, an analyst at Korea Ratings, analyzed, "As the firm expands its operating assets, centered on corporate and personal finance, the risk level within the portfolio has risen," adding, "Because delinquencies occur primarily in used car loans and personal credit loans—where the borrower's debt repayment ability is relatively weak—risk management is necessary to maintain financial soundness."