KB Financial Group chief Yoon Jong-kyoo said Friday that its planned takeover of Hyundai Securities will bring the group one step closer to his vision of turning it into Korea’s top universal bank.

“We will grow Hyundai Securities into a model for universal banking in Korea based on KB Kookmin Bank’s strength in customer base, reputation and assets,” Yoon told reporters.

Universal banking puts retail, wholesale and investment banking services under one roof, providing customers with a multitude of financial services and products. KB Financial’s mainstay now is commercial banking, with KB Kookmin Bank contributing to 64 percent of its total profits.

On Thursday, KB Financial was declared winner of the hotly-contested takeover battle for Hyundai Securities. Local reports put its final bid at above 1 trillion won, which is almost triple the market value of the stake being sold.

Hyundai Group is selling a controlling 22.56 percent stake – held by Hyundai Merchant Marine and the group’s owner family – worth 340 billion won based on Thursday’s stock price.

Yoon, while refusing to disclose the company’s bid price, said its offer was “reflective of the expected synergy between KB Financial and Hyundai Securities.”

He also said that the takeover, if realized, would boost the group’s nonbanking business to account for close to 40 percent of its total profits, a goal he had laid out in his New Year address.

KB will also emerge as the No. 3 player in Korea’s fragmented brokerage sector, with combined assets of its own KB Investment & Securities and Hyundai Securities nearing 3.9 trillion won.

Since 2013, the group has been a frequent bidder in the local financial sector’s major merger and acquisition deals. In 2013, it lost out to NH Financial in the race to acquire Woori Investment & Securities. Last year, it was beaten by Mirae Asset Financial Group in the auction of KDB Daewoo Securities. KB, even with the Hyundai Securities purchase, will still lag behind these two rivals in the brokerage sector in terms of assets.

“The deal is the fruit of our perseverance and strategy,” Yoon said in his monthly address to staff.

Following last year’s acquisition of LIG Insurance, which is now KB Insurance, “the Hyundai Securities deal will provide more momentum for KB Financial to make a leap into a leading financial group,” he said.

KB’s push for universal banking contrasts with Mirae Asset, whose chairman Park Hyeon-joo is pushing to turn the group into Asia’s top investment bank.

By Lee Sun-young (milaya@heraldcorp.com)