KB, Blackstone forge comprehensive business partnership
Blackstone Chairman Stephen Schwarzman, left, poses with KB Financial Group Chairman Yang Jong-hee, center, after signing a memorandum of understanding to establish a comprehensive business partnership at a hotel in New York, Thursday. Financial Supervisory Service Governor Lee Bok-hyun, right, also poses with Yang and Schwarzman. Courtesy of KB Financial Group
KB Financial Group signed a memorandum of understanding (MOU) with the global private equity firm Blackstone to establish a comprehensive business partnership in New York last Thursday, the group said Monday.
The Financial Supervisory Service (FSS) and the Korea Exchange hosted an investor relations event following KB and Blackstone's MOU signing ceremony there. FSS Governor Lee Bok-hyun also attended the signing ceremony.
Blackstone, the world's largest alternative asset manager with over $1 trillion in assets under management, was founded in 1985 as a private equity firm.
It has since diversified its investments across various sectors and assets globally, including private equity, real estate, infrastructure, life sciences, growth equity, credit, real assets, secondary funds and hedge funds.
KB Financial Group has previously collaborated with Blackstone in areas such as alternative asset funds and capital financing.
With the MOU, KB Financial Group plans to strengthen its partnership by expanding joint investments across various sectors, ultimately aiming to enhance corporate value.
"KB Financial Group will actively seek new investment opportunities both domestically and internationally in collaboration with Blackstone, leading the expansion of Korea's financial industry into the global asset management sector," said Yang Jong-hee, chairman of KB Financial Group.