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Daol Financial Group announces the change in its company name on March 25 Daol Financial Group of South Korea, formerly known as KTB Financial Group, announced on March 25 its company name has changed. Daol, the Korean word meaning 'everything one does attracts good luck', stands for the group’s vision of providing innovative financial services and becoming more customer-friendly.The change of the group’s name aims to manifest its presence expanded over the last 22 years. Its previous name followed Korea Technology Banking, a state-owned financial firm focusing on venture capital, which was privatized in 1999 and rebranded as KTB in 2000. The group had only one venture capital affiliate in 2000 – now, it owns 13 affiliates including six in Korea and seven overseas. The Korea-based affiliates are Daol Investment & Securities Co., Daol Savings Bank Co., Daol Investment Co., Daol Asset Management Co., Daol Private Equity Co. and Daol Credit Information Co. The overseas affiliates are Thailand-based five subsidiaries including securities firm, asset manager and REIT and US-based VC and securities firm. Daol Investment & Securities has renewed performances over the past three years. Last year, the securities firm achieved 143.3 billion won ($117.1 million) in operating profit and 174.1 billion won in net profit on a consolidated basis. The records respectively increased by 115.5% and 129.2%, from 2020. The group also announced a new vision named Jump-up 2024, declaring it will secure competitive edges in its main businesses and continue to grow fast with digital transformation and global network expansion. Chairman Byung-chul Lee said the group will be advanced by leading innovative services and to pioneering new markets.By Ui-Myung Parkuimyung@hankyung.comJihyun Kim edited this article.
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