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KB overtakes Shinhan in South Korean banking market with aggressive M&A

Deposed sector leader eyes digital innovation with Amazon to further recovery

SEOUL -- KB Financial Group has become South Korea's most valuable financial company, surpassing Shinhan Financial Group which had led the industry for the past decade, thanks to its strategy to strengthen securities and insurance affiliates with aggressive mergers and acquisitions.

Shares of KB closed at 57,700 won on Friday, down 0.17%, giving it a market capitalization of 24.1 trillion won ($21 billion). Shinhan's stock dropped 1.2% to 49,300 won, giving it a market value of 23.4 trillion won. KB was ranked the 10th biggest company in the benchmark KOSPI index, while Shinhan was at No. 12.

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