South Korea’s state-run Korea Development Bank seeks to sell its life insurance unit after two failed attempts in 2014.
The policy banks will dispose an 85 percent stake in KDB Life Insurance, owned by KDB Consus Value Limited Liability Company and KDB Consus Value PEF, companies jointly managed by KDB and Consus Asset Management.
Credit Suisse, the main manager of the deal, will receive a letter of intent until Oct. 13 from potential buyers.
Two years ago, KDB tried to sell the unit two times in April and August but failed to find a suitor due to price gap between buyer and seller sides.
Industry experts estimate that the deal may be worth some 900 billion won (US$814.11 million) given that KDB along with other institutional investors, including National Pension Service and Korean Reinsurance Company, committed some 850 billion won worth of combined investment when they bought Kumho Life Insurance, then, from Kumho Asiana Group in 2010.
By Park Han-na (firstname.lastname@example.org