Kyobo Life Insurance has secured approval from the Financial Services Commission for its acquisition of SBI Savings Bank, the leading player in the savings bank industry. The commission confirmed that there were no significant issues regarding major shareholder eligibility, which allowed the approval to proceed. Previously, Kyobo Life announced its intention to acquire 50% plus one share of SBI Savings Bank from SBI Holdings, with the acquisition valued at approximately 900 billion won. This acquisition represents a strategic move for Kyobo Life as it aims to extend its business model beyond traditional insurance to incorporate banking services.

Kyobo Life has expressed its intention to complete the share acquisition soon, anticipating gaining maximum shareholder status in SBI Savings Bank. The firm currently holds an 8.5% stake in SBI Savings Bank and has expedited its acquisition schedule, planning to secure an additional 41.5% plus one share earlier than initially anticipated, aiming for completion within the first half of the year, instead of the originally set timeline for October. This shift demonstrates Kyobo's commitment to expanding its operations and diversifying its service offerings in the financial sector.

SBI Savings Bank, as the number one savings bank in South Korea, reported total assets of approximately 14.58 trillion won as of the third quarter of 2025 and serves around 1.72 million customers. It holds five operating regions across the country, except for the Busan, Ulsan, and Gyeongnam areas, granting it a substantial operational foundation akin to that of full-fledged banks. Kyobo Life aims to leverage this acquisition to expand its financial services, focusing on providing mid-interest loans to small business owners and supporting small and medium enterprises, thereby enhancing productive finance in the market.