UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2017

Commission File Number: 000-53445

 

 

KB Financial Group Inc.

(Translation of registrant’s name into English)

 

 

84, Namdaemoon-ro, Jung-gu, Seoul 04534, Korea

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒            Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ☐            No  ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-N/A.

 

 

 


Disposal of Shares in Hyundai Savings Bank by KB Securities

On May 24, 2017, KB Financial Group Inc. (“KB Financial Group”) disclosed that the board of directors of KB Securities Co., Ltd., a wholly-owned subsidiary of KB Financial Group, resolved to sell 100% of its shares (a total of 55,600,000 shares) in Hyundai Savings Bank Co., Ltd. (“Hyundai Savings Bank”) for approximately KRW 210,168 million (the “Disposal Amount”) (such sale, the “Transaction”).

KB Financial Group plans to enter into a share purchase agreement in connection with the Transaction on May 25, 2017, and the Disposal Amount may be adjusted based on the results of due diligence.

Details of Hyundai Savings Bank and the Transaction:

 

    Name of company: Hyundai Savings Bank

 

    Capital stock as of December 31, 2016: KRW 278,000,000,000

 

    Number of issued shares: 55,600,000

 

    Number of shares to be disposed: 55,600,000

 

    Disposal Amount: KRW 210,168,000,000

 

    Shareholders’ equity of KB Securities as of December 31, 2016: KRW 4,144,178,229,732

 

    Ratio of Disposal Amount to shareholders’ equity of KB Securities: 5.07%

 

    Purpose of the Transaction: To enhance management efficiency and to comply with relevant regulations.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

   

KB Financial Group Inc.

    (Registrant)
     Date: May 24, 2017    

By: /s/ Jae Keun Lee

    (Signature)
    Name:   Jae Keun Lee
    Title:   Managing Director and Chief Financial Officer