KB Financial's (KRX:105560) board approved a 700 billion won treasury stock acquisition through a trust contract with Samsung Securities (KRX:016360) on Thursday, according to a bourse filing on the same day.

The buyback program runs from July 24 to Dec. 16, targeting approximately 3.99 million common shares at a reference price of 175,100 won per share, based on the July 22 closing price.

The company currently holds 3.58 million treasury shares within the dividend-available limit and 19.8 million shares indirectly through existing trust contracts, for a total of about 22.9 million shares.

All shares acquired under the new trust contract are expected to be retired within one year after the contract period ends.

The acquisition remains within the company's 1.14 trillion won limit of distributable profits as of the previous fiscal year-end.