'상법 개정' 예외 찾을 때 KB금융은 전량 소각…밸류업 정공법

KB Financial's decision to cancel all treasury stocks immediately—forgoing the legal grace period through September 2027—reframes competition among financial holdings from buyback size to governance discipline and execution transparency. The move is strategically significant because it directly addresses regulatory concerns about long-held treasury stocks enabling management entrenchment, while demonstrating that companies with diversified profit streams (KB's non-banking units contribute 43% of earnings) can simultaneously achieve capital efficiency and robust shareholder returns. This decision may establish an industry benchmark that pressures competitors to prioritize transparent practices over buyback flexibility, reshaping how financial institutions approach shareholder value creation in the newly regulated environment.