SBI Savings Bank rebrands as Kyobo SBI after 13 years

Name change comes 7 months after Kyobo Life became largest shareholder

CEO Kim Moon-seok vows to combine Kyobo's trust with SBI's digital innovation

Special fixed-deposit sale and nationwide street campaigns planned

Kyobo SBI Savings Bank held a renaming ceremony at the Kyobo Life Building in Gwanghwamun, Jongno-gu, Seoul, on Friday. [Kyobo SBI Savings Bank]

SBI Savings Bank has rebranded as Kyobo SBI Savings Bank after 13 years, combining Kyobo Life's reputation for trust with SBI's digital finance capabilities to strengthen its competitiveness in retail financial services.

Kyobo SBI Savings Bank said Monday the name change took effect Sunday, with the official launch ceremony held Friday at the Kyobo Life Building in Gwanghwamun, Jongno-gu, Seoul, attended by about 300 executives, employees and guests.

The rebrand follows Kyobo Life's acquisition of a 50 percent stake plus one share in SBI Savings Bank in April, making it the largest shareholder. Japan's SBI Holdings, the previous largest shareholder, retains a stake of around 40 percent as a major shareholder. Existing customers' financial product contracts and rights will remain unchanged after the name change.

At the ceremony, CEO Kim Moon-seok outlined a vision to build a more trusted and customer-friendly financial institution by combining SBI's digital innovation capabilities with Kyobo's brand of reliability.

"We must firmly uphold the fundamentals of savings banking — financial support for ordinary people and small and medium-sized enterprises, and the trust that comes with it — while at the same time leading change in a rapidly shifting financial environment through bold challenges and the use of digital technology," Kim said.

The event also featured the unveiling of a new corporate identity, and a junior board made up of younger employees presented a future vision centered on trust and innovation.

To mark the rebrand, Kyobo SBI Savings Bank plans to run street campaigns near its branches nationwide as well as around Euljiro and Gwanghwamun in Seoul. Special promotions for customers, including a fixed-deposit sale, are also in the works.

snsd@heraldcorp.com