Finda and Jeonbuk Bank buy Daewon Savings Bank for 12 billion won, 60/40

Finda and Jeonbuk Bank, an affiliate of JB Financial Group, are buying Daewon Savings Bank for a total of 12 billion won, about $9 million. Finda holds 60% and becomes the largest shareholder, with Jeonbuk Bank on 40%. The Financial Services Commission approved the change of major shareholder, which Finda announced on 21 October, and Korean media reported the deal as finalised on 27 October.

In June Finda had agreed to buy all of Daewon's shares. Daewon was founded in 1998 and is based in Gyeongju. Korea Times reports it is the first savings bank bought by a fintech.

Finda plans an AI-native bank built on loan-comparison data it has collected since 2019, while Jeonbuk Bank supports risk management, credit quality, internal controls and compliance.