Foreigner stakes in KB Financial exceed 80% as chairman seeks 2nd term

Foreign ownership in KB Financial Group has surpassed 80 percent for the first time since the holding company was established in 2008, as aggressive share cancellations and expanded shareholder returns continue to attract global investors, company officials said Friday. The development has fueled speculation over whether strong backing from overseas shareholders could bolster Chairman Yang Jong-hee's prospects for another term after his mandate expires later this year. As of Thursday, overseas investors held 80.12 percent of KB Financial's shares, equivalent to more than 284.1 million shares, according to the Korea Exchange. Its foreign ownership far exceeds that of its major peers, including Shinhan Financial (61.59 percent), Hana Financial (68.37 percent) and Woori Financial (45.28 percent). Global investors' stakes in Korean banks largely faded after the 2008 global financial crisis, with ownership levels across the sector largely settling into the 40 to 60-percent range for much of the past decade. The surge in overseas ownership has also drawn attention to the future of Yang, whoseWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times