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| KB Financial Group Chairman Yoon Jong-kyoo |
By Park Hyong-ki
KB Financial Group and its 12 subsidiaries need to further maximize synergy to widen its gap with the market's second player Shinhan Financial Group, said Yoon Jong-kyoo, the group's chairman, Friday.
Celebrating the 10th anniversary of the group's founding at KB Kookmin Bank headquarters in Yeouido, Seoul, Yoon added that the group needed to move ahead by "huddling" closely together as Emperor penguins do to keep themselves warm in extremely cold weather.
KB Financial's 10th anniversary falls on Sept. 29, 2018.
This is especially important as it faces growing competition from internet banks and other financial companies and startups both at home and abroad.
"The group and its companies need to widen the gap with the market's No. 2 player by 20 percent to 30 percent in profitability," he said.
"KB needs to be the first mover, lead the market, flexible maneuver and develop new opportunities amid the rapidly changing environment through synergy."
This requires KB to reinforce its nonbanks such as insurance, securities and credit card to become competitive to the point that they can threaten the market's No. 1 players in their respective sectors.
He urged his employees to follow the example of Amazon, which is a customer-centric company.
"Like Amazon, KB needs to be fast and easy, and simply be accessible by putting the customer first," he said.
Also, the chairman stressed the need to speed up its expansion in Southeast Asian markets such as Vietnam, Indonesia and Cambodia.
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