KB and Jefferies Chiefs Talk Global Investment Banking Cooperation

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KB Financial Group Yoon Jong-kyoo, right, shakes hands with Jefferies Financial Group Chairman Brian Friedman at the Korean company’s headquarters in western Seoul on Tuesday. (KB Financial Group)

The heads of South Korean financial group KB and US financial group Jefferies discussed strengthening and expanding their existing partnership in the global investment banking market, the Korean banking giant announced on Tuesday.

During a meeting with Jefferies Financial Group Chairman Brian Friedman, KB Financial Group Chairman Yoon Jong-kyoo discussed plans to strengthen cooperation in investment banking to expand assets related to their alternative investment activities in banks, securities, asset managers and corporate finance.

The meeting comes after Yoon highlighted expanding global business as a key pillar of its future growth engine, at the banking group’s last shareholders’ meeting held in March.

“To meet the growing demands of global institutions and retail investors, cooperation with a leading global investment bank is more crucial than ever,” KB said in a statement.

In July last year, KB’s brokerage unit, KB Securities, signed an agreement with Jefferies, giving the Korean company access to the US banking giant’s global research service targeting institutional investors and discussions. with analysts. KB Securities also partners with Jefferies to provide brokerage services to foreign investors.

Jefferies ranked 8th in terms of sales among global investment banks last year and had total assets of $60.4 billion during the same period.

KB’s net profit for 2021 rose 27.6 percent year-on-year to 4.4 trillion won ($3.68 billion), and its total assets stood at 663.9 trillion won.

By Jung Min-kyung ([email protected])

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