[비즈한국] Kyobo Life (Kyobo Life Insurance) has completed its acquisition of SBI Savings Bank from Japan's SBI Holdings. The financial sector is now focused on potential changes to SBI Savings Bank's management. There is analysis suggesting that a Kyobo Life executive may be appointed as the CEO of SBI Savings Bank to ensure synergy between the two firms. Kyobo Life has not released an official statement regarding this matter.
Kyobo Life announced through an ad-hoc management disclosure on April 6 that it had added SBI Savings Bank as a subsidiary. Kyobo Life acquired a 50% plus one share stake in SBI Savings Bank for approximately 900 billion won. This completion is about six months earlier than the initially planned date in October.
The financial sector is optimistic about the synergy between Kyobo Life and SBI Savings Bank. Through this acquisition, Kyobo Life can expand its customized financial solutions by providing savings bank services to insurance policyholders and linking insurance products to savings bank customers.
When announcing the acquisition plan last year, a Kyobo Life official expressed high expectations, stating, “In the era of digital finance, providing customer-tailored financial services is becoming more important than ever. Through our cooperation with SBI Savings Bank, we will strive to break down the barriers between savings banks and insurance to provide customers with more differentiated financial services.”
For Kyobo Life to achieve the synergy envisioned in its roadmap, seamless cooperation with SBI Savings Bank is essential. Consequently, some suggest there is a need to appoint management from Kyobo Life to SBI Savings Bank. Initially, Japan's SBI Holdings proposed a contract that would grant it favorable voting rights even after the sale of SBI Savings Bank. However, financial authorities intervened, and it is reported that a co-CEO system was ultimately discussed.
SBI Savings Bank is currently led by CEO Kim Moon-seok. Kim took office in 2023 and has been reappointed on a one-year basis. His current term runs until the 2027 regular shareholders' meeting. Kim, who has a background at Samsung Card and Doosan Capital, joined SBI Savings Bank in 2010. He does not have strong ties to Kyobo Life.
There have been no notable changes regarding Kim Moon-seok's position since Kyobo Life's acquisition. At the shareholders' meeting in March of this year, most existing directors were reappointed, and no new directors were appointed.
Some in the financial sector speculate that if SBI Savings Bank adopts a co-CEO system, it might appoint both Kim and Shin Joong-hyun, the Head of Digital Strategy at Kyobo Lifeplanet Insurance. Shin is the second son of Kyobo Life Group Chairman Shin Chang-jae and previously worked at SBI Group affiliates, SBI Sumishin Net Bank and SBI Insurance. The rationale for this speculation is that his high level of understanding of the SBI Group would allow him to demonstrate his capabilities at SBI Savings Bank.
On the other hand, some predict there will be no changes to SBI Savings Bank's management this year. This is because Kyobo Life and SBI Group maintain a friendly relationship, making drastic changes unnecessary. When Kyobo Life was in a dispute with financial investors (FI), SBI Holdings supported Kyobo Life by purchasing FI stakes. SBI Holdings is currently the second-largest shareholder with a 16.72% stake in Kyobo Life. Additionally, SBI Holdings Chairman Yoshitaka Kitao serves as a non-standing director at Kyobo Life. Kyobo Life has not released an official statement regarding the appointment of SBI Savings Bank's management.