KB Financial Chairman Yang, Jong-Hee poses for a photo at the inauguration ceremony of the new headquarters of KB Bank in Yeongdeungpo-gu, Seoul, Nov. 21, last year.[Provided by KB Financial Group]
KB Financial Holdings Chairman Yang, Jong-Hee's shareholder-friendly management is paying off.
At his inauguration ceremony in November last year, Mr. Yang pledged to pursue customer and social value alongside financial value.
In fact, KB Financial's stock price has been soaring since Yang took office.
KB Financial's stock price stood at 77,700 won on May 8 up 43.7% in just over five months from 53,900 won on Nov. 20, a day before Yang's inauguration on Nov. 21 last year.
This compares to a 16% increase in Woori Financial Holding's stock price from KRW12,490 to KRW14,500 over the same period.
KB Financial's stock price has risen because its performance based on its unique retail banking competitiveness has been recognized by domestic and foreign investors.
Unlike Woori Bank, which is relatively focused on corporate banking, KB Financial's flagship affiliate, KB Bank, is overwhelmingly strong in retail banking through frontline branches and online channels.
Based on these strengths, KB Bank is quick to respond to uncertainty risks such as Hong Kong ELS by coming up with voluntary compensation plans earlier than others.
In particular, the transparent disclosure of information to customers through public disclosure is interpreted as a reflection of Mr. Yang's customer-focused management philosophy.
KB Financial's stock price has been on an upward curve as its customer-focused management has been recognized by shareholders.
At the same time, the market has been buying KB Financial stocks as investors' funds have been flocking to banking stocks in general due to the delayed interest rate cut.
"Certainly, since Chairman Yang, Jong-Hee took over, KB Financial's management focus on maximizing customer and shareholder value has been recognized by investors", said a financial insider.
At his inauguration ceremony at the end of last year, Chairman Yang, Jong-Hee said, "I will continue to practice management that coexists with society", and emphasized that "companies can only grow sustainably if they pursue not only financial value but also customer and social value in a balanced way", "This is the standard I believe for Korean finance", he said.
He promised customers the "best experience" and said, "the dignity of a true banker comes from the trust of customers, treating their assets as my own, and being an exemplary financial institution without accidents.
Mr. Yang also aimed to be "a company that can give employees pride and dreams," and to "manage to fulfill shareholders' expectations.
Mr. Yang also aimed KB Financial to be "a company that can give employees pride and dreams", and to "manage to fulfill shareholders' expectations".
"We will create value that grows together with society, customers, employees, and shareholders", he vowed.
By Chung,Goo-Hak
ghchung@naver.com
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