KB Financial Group (NYSE:KB) has reported a significant update regarding Kookmin Bank’s split-off of its fund service business.

This disclosure, presented in filing with the SEC, detailed that on May 30, 2024, financial authorities approved Kookmin Bank's application for the final authorization of the split-off.

The new entity formed from this split-off will become a wholly-owned subsidiary of Kookmin Bank.

The company further announced that the expected date for the split-off is June 1, 2024, with the registration scheduled for June 3, 2024.