KB Financial Group Inc
KB Kookmin Bank or KB is among the four largest banks ranked by asset value in South Korea at the end of March 2014. It is the largest among banks in Korea and 60th largest in the world by 2017.
Current KB Kookmin Bank was formed in Dec, 2000 between old Kookmin Bank and Housing & Commercial Bank. They were both founded by the Korean government in 1960s for special purposes. Kookmin Bank, which specially provided financial service for middle and low income consumers, was privatised in 1995. During the Asian financial crises both banks acquired other financially troubled banks. The merger of two banks was partly due to the government policy to make banks bigger and more stable. After the merger, KB acquired various companies include credit card, insurance and Brokerage firm to transform in to the financial group in 2008. In Sep, 2004, Kookmin Bank said it would restate its 2003 and 2004 earnings after a financial watchdog found the bank avoided $270 million in taxes.
