KB Financial : Update on Resolution to Enter into a Trust Agreement for Acquisition of Treasury Shares - Form 6-K
November 03, 2023 at 06:10 am
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Form 6-K
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 November 2023
Commission File Number: 000-53445
KB Financial Group Inc.
(Translation of registrant's name into English)
26, Gukjegeumyung-ro8-gil,Yeongdeungpo-gu, Seoul 07331, 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 ☐
Update on Resolution to Enter into a Trust Agreement for Acquisition of Treasury Shares
On November 3, 2023, KB Financial Group Inc. ("KB Financial Group") disclosed the interim results for its currently ongoing share buyback program which commenced on August 1, 2023, updating the previous disclosure made on July 25, 2023 regarding the resolution made by its board of directors to enter into a trust agreement with Samsung Securities Co., Ltd. (the "Trust Agreement") to acquire treasury shares within its profits available for dividends.
The details of KB Financial Group's treasury shares as of November 1, 2023 are as follows:
Treasury shares held prior to the acquisition of shares under the Trust Agreement (A)
Type of Shares
Common Shares
Number of Shares(1)
19,262,733
Percentage of Total Issued Shares(2)
4.77%
Total Amount (Unit: millions of KRW)
891,787
Treasury shares acquired pursuant to the Trust Agreement from August 1, 2023 to November 1, 2023 (B)
Type of Shares
Common Shares
Number of Shares Acquired
3,350,000
Percentage of Total Issued Shares(2)
0.83%
Average Acquisition Price per Share (Unit: KRW)
54,038
Total Acquisition Amount (Unit: millions of KRW)
181,029
Contracted Amount (Unit: millions of KRW)
300,000
Total treasury shares held (A+B)
Type of Shares
Common Shares
Number of Shares
22,612,733
Percentage of Total Issued Shares(2)
5.60%
Aggregate Amount (Unit: millions of KRW)(3)
1,191,787
Notes:
(1) Such treasury shares include five million treasury shares that the exchangeable bonds issued by KB Financial Group on June 30, 2020 can be exchanged for. Such treasury shares are currently deposited with Korea Securities Depositary and will be disposed upon the exercise of the exchange option of the exchangeable bonds. For more information, please refer to KB Financial Group's report on Form 6-K furnished to the Securities and Exchange Commission on June 18, 2020.
(2) Based on the total number of 403,511,072 shares of common stock issued.
(3) The aggregate amount is based on the sum of the total amount held prior to the acquisition of shares under the Trust Agreement and the total contracted amount of shares to be acquired pursuant to the Trust Agreement.
The acquisition of treasury shares pursuant to the Trust Agreement is still ongoing.
For a comparison of this updated disclosure and the previous disclosure regarding KB Financial Group's resolution to enter into the Trust Agreement, please refer to the announcement on Form 6-K titled "Resolution to Enter into a Trust Agreement for Acquisition of Treasury Shares" dated July 25, 2023.
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: November 3, 2023
By:
/s/ Scott Y. H. Seo
(Signature)
Name:
Scott Y. H. Seo
Title:
Senior Executive Vice President and Chief Finance Officer
KB Financial Group Inc. published this content on 03 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2023 10:09:45 UTC.
KB Financial Group Inc is a Korean-based company principally engaged in the financial business. The Company operates its business through six segments. The Banking segment consists of retail banking services provided by Kookmin Bank. This segment is engaged in the lending and receiving of large corporations, small and medium-sized businesses, SOHO and household customers, the investment of securities and derivatives, and financing, among others. The Credit Card segment operates credit sales, cash advances and card loans, among others. The Non-life Insurance segment is engaged in the non-life insurance. The Securities segment is engaged in the trading, consignment, and acquisition of securities. The Life Insurance segment is engaged in the life insurance. The other segment is engaged in the maintenance of computer-related equipment and systems, the investigation of credit and the collection of debt, among others.