The Citizens National Bank was founded by the Korean government in late 1962,[2]: 43  initially focused on providing financial services for middle- and low-income consumers.

[3]: 35  Meanwhile, Kookmin Bank expanded abroad by opening operations in Luxembourg in 1991, Tokyo in 1992, Singapore in 1994, and Hong Kong in 1996, followed by other locations around the world.

[6]: 32  In May 1999, Goldman Sachs invested $500 million into KB and became its largest single shareholder with a 17 percent equity stake, ahead of the Korean government which at the time held 7.2 percent.

[11] KB further acquired various companies include credit card, insurance and brokerage firms, transforming into the current financial group in 2008.

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