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| KDB Life Insurance's headquarters in Seoul / Courtesy of KDB Life Insurance |
By Yoon Ja-young
Hana Financial Group has been picked as the preferred bidder to acquire KDB Life.
Korea Development Bank (KDB), which is the largest shareholder of the life insurer, announced on Thursday that it picked Hana Financial Group as the preferred bidder after considering diverse factors, such as eligibility as a bidder, probability of the deal being completed, and the mid- to long-term development of the insurer.
"If the deal succeeds, KDB Life will have foundation for stable growth by starting fresh as a member of Hana Financial Group," KDB noted.
The financial group joined the bid, which closed last Friday and is scheduled to make a final decision on the deal following due diligence.
KDB acquired the life insurance company by jointly forming a private equity fund with Consus Asset in 2010, when Kumho Group, the previous parent company of the insurer, was suffering from a liquidity crunch.
KDB selected JC Partners as the preferred bidder back in 2020, which was followed by the signing of a stock sale agreement the following year. However, the deal fell through as the financial authority determined that JC Partners lacked the qualifications to acquire the life insurer.
Hana Financial Group has been regarded a strong candidate to acquire the life insurer as the deal is expected to bolster its competitiveness in the non-banking sector.
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