KGI Financial Holding (2883.TW, Not Covered): Asia Financials Corporate Day Takeaways

研报英文原文证据摘录

KGI Financial Holding (2883.TW, Not Covered): Asia Financials Corporate Day Takeaways

Equity Research

17 June 2026 | 12:05PM HKT

KGI Financial Holding (2883.TW, Not Covered): Asia Financials Corporate

Day Takeaways

Thomas Wang

+852-2978-1697 |

thomas.wang@gs.com

Goldman Sachs (Asia) L.L.C.

Simone Chen

+852-2978-0619 |

simone.chen@gs.com

Bottom line: We hosted KGI (Not Covered) CFO and IR team at our Asia Financials

Corporate Day. Investor questions focused on 1) progress of One-KGI strategy, 2)

securities business growth outlook, 3) life segment IFRS17 adoption, and 4) dividend

plan. Bank continues to capture tangible synergies from the One-KGI framework;

notably, new retail deposit account openings grew by 123% yoy in 4M26, while

increasing settlement account openings from securities cross-selling helped lower

overall funding cost. KGI also highlighted the capital-efficient operating model of its

securities business, which is well positioned amid elevated market activities. On

dividend, KGI sees stable upstream from banking and securities subsidiaries, and

noted that the Group has now greater flexibility to utilize debt financing to support

dividend payouts, given the decline in double-leverage ratio.

Key takeaways:

n One year after launching the One-KGI strategy, mgmt reports positive progress.

KGI Bank has successfully expanded its customer base through cross-selling, with

large part of the new accounts opened this year being settlement accounts tied

to the securities business. This helped to lower funding cost and increase CASA

ratio to 44% (from 41% in FY25). On retail banking side, new deposit account

openings reached 50k in 4M26, of which 44% originated from securities business

referrals (+123% yoy). To enhance customer retention, KGI Bank has broadened