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2023-03-17 00:00:00
Briefing: The role of financial institutions in decarbonising the steel sector
2023-03-09 00:00:00
Dutch bank ING supports controversial pipeline to import gas from authoritarian Azerbaijan
2023-02-23 00:00:00
Financial institutions need to address steelmaking’s coal addiction
2023-02-07 00:00:00
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2023-03-14 14:59:00
New ING policy could spark bank shift away from financing oil and gas infrastructure
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Pego power station conversion plans halted
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2022-11-22 00:00:00
Banking on Thin Ice: Two years in the heat
2022-11-17 00:00:00
BankTrack Global Human Rights Benchmark 2022
2022-10-21 00:00:00
Burning forests in the name of clean energy? How banks are failing to exclude the harmful wood biomass industry from finance
2022-06-28 00:00:00
The East African Crude Oil Pipeline (EACOP): Finance Risk Update No. 3
2022-04-05 00:00:00
The BankTrack Human Rights Benchmark Asia
2022-03-30 00:00:00
Banking on Climate Chaos 2022
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Home › Banks ›
Bank
KB Financial GroupSouth Korea

Active

This profile is actively maintained
Last update: 2023-03-17 13:26:13
KB Financial Group's head office in Seoul, South Korea. Photo: Google Earth/Streetview

Active

This profile is actively maintained
Last update: 2023-03-17 13:26:13
About
Website http://www.kbfg.com
Headquarters
26, Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu
Seoul
South Korea
CEO/chair Jong Kyoo Yoon
CEO
Supervisor
Financial Supervisory Service (South Korea)
Ownership
listed on Korea Exchange

KB Financial Group's largest shareholder is the National Pension of Korea (7.95%). KBFG's complete shareholder structure can be accessed here.

Subsidiaries
KB Kookmin Bank – South Korea

KB Financial Group (KBFG), founded in September 2008 and headquartered in Seoul, South Korea is a holding company that engages in providing financial services. The group is South Korea's second largest financial institution in terms of assets. Its main subsidiary is KB Kookmin Bank. KB Financial Group provides corporate, retail and personal banking services and is also involved in insurance and asset management.

Sustainability
Commitments
Policies
Voluntary standards

KB Financial Group's most important sustainability commitments can be found at the website sections listed below.

Links

ESG Management

2021-11-04 00:00:00

Human rights policy

Bank policy
2021-11-04 00:00:00 | KB Financial Group
2021-10-19 00:00:00

Environmental and social risk policy framework

Bank policy
2021-10-19 00:00:00 | KB Financial Group
2020-09-25 00:00:00

Statement on exiting coal financing

Bank policy
2020-09-25 00:00:00 | KB Financial Group
2016-06-21 00:00:00

Responsible lending guideline

Principle code of loan and standards of loan practice
Bank policy
2016-06-21 00:00:00 | KB Financial Group
KB Financial Group has committed itself to the following voluntary standards:
Carbon Disclosure ProjectTags: carbon | climate change | greenhouse gas emissions
Collective Commitment to Climate Action (CCCA)Tags: climate change | corporate social responsibility | United Nations
Equator PrinciplesTags: Equator Principles | project finance | corporate social responsibility | sustainable development
Global Reporting InitiativeTags: sustainable development | human rights
Net-Zero Banking Alliance (NZBA)Tags: climate change | corporate social responsibility | energy | energy plants
Partnership for Carbon Accounting Financials (PCAF)Tags: carbon | corporate social responsibility
Principles for Responsible Banking (PRB)Tags: climate change | corporate social responsibility | finance | sustainable development | United Nations | Voluntary Standards
Sustainability Accounting Standards BoardTags: corporate social responsibility | sustainable development
Task Force on Climate-related Financial Disclosures (TCFD)Tags: corporate social responsibility | finance
Taskforce on Nature-related Financial Disclosures (TNFD)Tags: corporate social responsibility | finance
UNEP Finance InitiativeTags: United Nations | sustainable development
Dodgy Deals

KB Financial Group is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of KB Financial Group's link to these deals.

Campaigns

Banks and Climate

The 2022 Banking on Climate Chaos report showed that KB Financial Group provided US$ 12.76 Billion in financing to the fossil fuel industry between 2016 and 2021. Find further details on KB Financial Group fossil fuel portfolio and how it compares to other large banks globally on Fossil Banks No Thanks and in the Banking on Climate Chaos report.

 

Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in the Coal Policy Tracker and Oil and Gas Policy Tool. Find further details on their assessment of KB Financial Group fossil fuel policy below.

 


Banks and Human Rights

BankTrack assessed KB Financial Group in its 2022 Human Rights Benchmark Asia, where it achieved 4 points out of 14 and was ranked as a follower. More information is detailed in the "Accountability" section of this profile.

Human Rights Benchmark Asia 2022

BankLast update
Country
Score
Ranking
Details
KB Financial Group
KOR
4
Follower
0
South Korea
Score
Follower
4
Explanation

KB Financial Group's human rights policies, processes and reporting were assessed as part of the BankTrack Human Rights Benchmark Asia 2022. The bank is assessed as a Follower, with a total score of 4 out of 14.

Policy: 2/3
Due dilligence: 0.5/5
Reporting: 1/3
Remedy: 0.5/3

Explanation
Laggard
Follower
Front runner
Leader
0 - 3 points
3.5 - 6 points
6.5 - 9 points
9.5 - 14 points
For more details see this page.

Tracking the Net Zero Banking Alliance

KB Financial Group is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.

 

News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

Asian banks falling behind in implementation of UN Human Rights Principles, new BankTrack benchmark shows

New benchmark of 18 Asian banks shows human rights performance below the global average
2022-04-05 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report: Despite ‘net zero’ rhetoric, world’s biggest banks continued to pour billions into fossil fuel expansion in 2021

Annual Banking on Climate Chaos report follows the money and details massive bank support for the world’s worst climate-destroying corporations
2022-03-30 | San Francisco, Bemidji, Nijmegen, Oakland, Paris, Sassenberg, Washington DC | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club, Urgewald
Blog
BankTrack news BankTrack blog Partner news Partner blog

Equator Banks involved in financing at least 200 fossil fuel projects since Paris

BankTrack research sheds new light on finance for fossil fuels by Equator banks
2021-10-26 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

New bank climate initiative fails to grasp urgent need to end finance for fossil fuels

Civil society statement on the launch of the Net-Zero Banking Alliance
2021-04-22 | Nijmegen | BankTrack, urgewald, Amazon Watch, Bank on our Future, Indigenous Environmental Network, Market Forces, Positive Money, Rainforest Action Network, Reclaim Finance, ShareAction, Sierra Club
BankTrack news BankTrack blog Partner news Partner blog

Leading finance firms sign up to Mark Carney forum on low-carbon investment

2021-04-21 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

KEB Hana, KB Kookmin banks suspected of illicit hiring

2018-02-05 | The Korea Bizwire
BankTrack news BankTrack blog Partner news Partner blog

Kookmin gets off lightly in South Korea’s latest banking scandal

2014-08-28 | Financial Times
Resources
Documents
Links
2023-01-27 00:00:00

Background briefing: Just 7% of global banks' energy financing goes to renewables, new data shows

BankTrack publication
2023-01-27 00:00:00 | Profundo for Sierra Club, Fair Finance International, BankTrack, Rainforest Action Network
2022-06-07 00:00:00

Annual report 2021

Annual report
2022-06-07 00:00:00 | KB Financial Group
2022-03-30 00:00:00

Banking on Climate Chaos 2022

Despite ‘net zero’ rhetoric, world’s biggest banks continued to pour billions into fossil fuel expansion in 2021
BankTrack publication
2022-03-30 00:00:00 | Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, urgewald
2021-11-04 00:00:00

Annual report 2020

Annual report
2021-11-04 00:00:00 | KB Financial Group
2021-11-04 00:00:00

Human rights policy

Bank policy
2021-11-04 00:00:00 | KB Financial Group
2021-11-04 00:00:00

CSR report 2020

Annual report
2021-11-04 00:00:00 | KB Financial Group
2021-10-19 00:00:00

Environmental and social risk policy framework

Bank policy
2021-10-19 00:00:00 | KB Financial Group
2021-04-21 00:00:00

Commitment statement Net Zero Banking Alliance

Other document
2021-04-21 00:00:00 | UNEP FI Principles for Responsible Banking
2020-12-08 00:00:00

Collective Commitment to Climate Action - Year One in Review

Other document
2020-12-08 00:00:00 | UNEP FI Principles for Responsible Banking
2020-09-25 00:00:00

Statement on exiting coal financing

Bank policy
2020-09-25 00:00:00 | KB Financial Group
2019-09-19 00:00:00

Collective Commitment to Climate Action

Other document
2019-09-19 00:00:00 | UNEP FI Principles for Responsible Banking
2017-07-01 00:00:00

Human rights report 2016

Bank document
2017-07-01 00:00:00 | KB Financial Group
2016-06-21 00:00:00

Responsible lending guideline

Principle code of loan and standards of loan practice
Bank policy
2016-06-21 00:00:00 | KB Financial Group

KBFG's web page on corporate social responsibility

Accountability
Grievances

KB Financial Group mentions in its 2016 Human rights report a grievance mechanism for "those affected by adverse human rights impacts caused during the course of its business operations", but KBFG does not list contact details on its website.

This page evaluates KB Financial Group's responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".

Impacts reviewed
Responded?
Total score
Response
Action
Monitoring

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