KB Financial Group said it has drawn investment from Global Investment firm Carlyle Group worth 240 billion won ($198.1 million) through purchase of bonds later convertible to equity amounting to 5 million shares in the Korea financial major.

KB Financial announced Thursday that it signed an investment agreement with Carlyle Asia Partners V, a Carlyle Group’s unit which primarily focuses on buyout and strategic minority investments across Asia, after receiving approval from its board of directors. Under the contract, Carlyle will invest in convertible bonds exchanged to KB Financial’s treasury shares from Aug. 29 at 48,000 won apiece.

On Friday, shares of KB Financial Group rose 1.56 percent to 35,800 won in the morning trade.

Furthermore, the two companies signed a memorandum of understanding (MOU) to strengthen strategic alliance.

“By establishing a strategic partnership with Carlyle, we will be able to look for new investment opportunities not only in the country but also in the world, which could contribute to the growth of KB’s global operation,” said KB Financial Chairman Yoon Jong-kyoo. “We will provide a full support to Carlyle to help it find new investment opportunities in Korea based on KB Financial’s strong network.”

By Moon Il-ho and Choi Mira

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