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[Alpha Biz=(Chicago) Reporter Kim Jisun] KB Financial Group's overseas commercial real estate investment totaled 5.9 trillion won, the report showed. KB Financial Group has begun intensive management of businesses that are concerned about insolvency due to the contraction of the real estate market.
Regarding the application criteria of the insurance company's new accounting standards, the government will consider whether to apply the "conditional retroactive law" by next week.
"The group's overall amount of overseas commercial real estate investment is about 5.9 trillion won and is concentrated in the U.S. and Europe, where business has developed," said Choi Cheol-soo, Vice General Risk Manager (CRO) of KB Financial Group, in a second-quarter management performance conference call on the 25th.
By type, banks invested more than two-thirds of the total investment in offices and logistics centers, 98% of which is overall stable due to senior collateral investment.
"We have fully looked at overseas alternative investment funds created and sold by KB Asset Management, and there has been no insolvency," KB Financial Group said. "Fund products through third parties have no problem."
KB Insurance plans to finalize the International Financial Reporting Standards (IFRS) application criteria next week for property insurance companies of high interest.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
