Finda, equipped with Daewon Savings Bank and deposit/receipt function... Final approval from the Financial Services Commission

Acquisition amount worth 12 billion won... 2nd largest shareholder JB Financial participates with 40% stake

(Seoul = Yonhap News) Reporter Kang Ryu-na = The Financial Services Commission finally approved fintech company Finda's acquisition of Daewon Savings Bank, making Finda the first in the industry to officially enter the savings banking industry.

JB Financial Group, the second largest shareholder of Finda, acquired a 40% stake out of the total acquisition amount of 12 billion won.

On the 21st, Finda announced that at its regular meeting on this day, the Financial Services Commission made a final decision to approve the change of major shareholder for Finda's acquisition of Daewon Savings Bank.

With this, Finda has moved beyond a loan comparison and brokerage platform to become a financial company with a credit/receipt function that directly handles deposits and loans.

Previously, Finda signed a stock purchase agreement (SPA) to acquire 100% of Daewon Savings Bank's shares for a total amount of 12 billion won.

During the acquisition process, Finda secured a 60% stake (KRW 7.2 billion), and JB Financial Group, the second largest shareholder of Finda, acquired the remaining 40% stake (KRW 4.8 billion) through Jeonbuk Bank.

Finda plans to increase capital in the future to increase the capital stability of Daewon Savings Bank, which has small assets.

With this acquisition, Finda will lead the operation of 'artificial intelligence (AI) native banking' that combines its own financial data and information technology (IT) capabilities, and JB Financial Group will support risk and credit soundness management, internal control, and regulatory response based on Jeonbuk Bank's banking know-how.

As this acquisition is completed, we plan to launch consumer-tailored credit and deposit products such as deposit/withdrawal accounts and mid-interest credit loans.

Savings bank operations will begin as early as next year.

Finda CEO Lee Hye-min said, “Through this acquisition, we will go beyond comparing and brokering financial products and use the financial data and AI technology we have accumulated to create changes that consumers can feel, leading to innovation in the financial industry.”