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    A105560   KR7105560007

KB FINANCIAL GROUP INC.

(A105560)
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KB Financial : Agreement on Withdrawal of Lawsuit relating to Bank Bukopin (Kookmin Bank) (Form 6-K)

06/07/2021 | 07:05am EDT

Agreement on Withdrawal of Lawsuit relating to Bank Bukopin (Kookmin Bank)

1. The Lawsuit:

Plaintiff: PT Bosowa Corporindo (the 'Plaintiff')

Defendants: The Financial Services Authority of Indonesia (Otoritas Jasa Keuangan) and Kookmin Bank (the 'Defendants')

Damages Claimed: Approximately KRW 1.6 trillion

Filing Date: November 25, 2020

Date of Receipt of the Written Complaint: May 10, 2021

Summary of the Lawsuit:

The Plaintiff is the second largest shareholder of PT Bank KB Bukopin, Tbk. ('Bank Bukopin'), of which Kookmin Bank, one of the first-tier subsidiaries of KB Financial Group Inc. ('KB Financial Group'), became the largest shareholder through its participation in Bank Bukopin's third party-allocated capital increase on September 2, 2020. The Plaintiff filed a lawsuit against the Defendants, claiming that the capital increase and Kookmin Bank's acquisition of Bank Bukopin's shares violated certain Indonesian laws and regulations and demanding compensation for the Plaintiff. For more information regarding the lawsuit, please refer to KB Financial Group's Report of Foreign Private Issuer on Form 6-K furnished to the Securities and Exchange Commission on January 25, 2021.

2. Withdrawal of the Lawsuit:

On May 31, 2021, the Plaintiff filed a request with the court in Indonesia to withdraw its lawsuit. On June 7, 2021, Kookmin Bank and the Plaintiff signed a letter of agreement confirming that the Plaintiff has withdrawn the entirety of its lawsuit against Kookmin Bank and that the Plaintiff would no longer bring any claims against Kookmin Bank in connection with Kookmin Bank's acquisition of Bank Bukopin's shares. In addition, both parties agreed to collaborate on furthering Bank Bukopin's business development.

KB Financial Group plans to make additional disclosures upon confirming through Indonesia's local court system that the Plaintiff has withdrawn the lawsuit.

Disclaimer

KB Financial Group Inc. published this content on 07 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 June 2021 11:04:08 UTC.


© Publicnow 2021
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P/E ratio 2021 4,90x
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Jong-Kyoo Yoon Chairman & Chief Executive Officer
Hwan-Joo Lee Chief Financial Officer & Senior Executive VP
Jin Soo Yoon Chief Information Technology Officer
Jong-Hee Yang Vice Chairman & Chief Operating Officer
Hye Ja Suh Managing Director & Chief Compliance Officer
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