SEOUL, South Korea--(BUSINESS WIRE)--

JB Financial Group (KRX:175330) has decided to reorganize its group management structure.

To make a greater leap forward, the Group has decided to separate the executive managements for the holding company and Kwangju Bank. The restructuring is expected to strengthen the holding company’s roles in generating synergies among the Group’s affiliates.

The decision was made at the Management Recommendation Committee meetings held at the holding company in August 23 and Kwangju Bank in August 28. Kim Han, current Chairman and CEO at JB Financial Group and Kwangju Bank, will resign from the CEO of Kwangju Bank and will only take position of the Chairman and CEO at the holding company. The current vice president of Kwangju Bank, Song Jong-Wook, has been nominated as the next CEO of Kwangju Bank. Of note, since the acquisition of Kwangju Bank in 2014, Mr. Kim, the Chairman of JB Financial Group, has been serving as the CEO of the new affiliate in order to facilitate post-merger integration and execute the growth-oriented expansion.

Through the restructuring of the chief executives, the holding company will be at the forefront of rolling out the Group’s future growth initiatives. Specifically, the Group’s control tower will seek to strengthen each affiliate’s competitive edges and focus on generating additional revenue streams. Ultimately, the Group seeks to maximize customer experience and shareholder value. Additionally, to prepare for a paradigm shift in financial industry, JB Financial Group will vigorously push forward digitalization and overseas expansion.

Meanwhile, JB Financial Group has been awarded a 'Good Governance Structure in Financial Sector' by Maeil Business News and Daishin Economic Research Institute’s '2017 Corporate Governance Report' published in September 6.

The award was in recognition of the Group’s strong corporate governance management that extends to four main criteria. The criteria include protecting stakeholders’ rights, promoting active involvement of outside directors with the Group’s operations, maintaining transparent management through timely disclosure of significant corporate actions, and running an effective audit system.

Selected as Good Governance Structure among 709 listed companies, JB Financial Group has again paved the way to further build up trust with its customers and stakeholders.

About JB Financial Group

Kim Han, the Chairman of JB Financial Group, has been expanding the Group by acquiring JB Woori Capital, Kwangju Bank and JB Asset Management. The Chairman also successfully penetrated into Seoul Metropolitan Area with Jeonbuk Bank and Kwangju Bank. Recently, the Group managed to strengthen global footprint by expanding overseas such as Cambodia, Vietnam and Myanmar. Since the establishment of the holding company, Kim has grown the Group’s asset size from 15 trillion Won to 50 trillion Won as of June 2017.

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