Korea Investment Holdings Selected as Preferred Negotiator for KDB Life

Korea Investment Holdings has been selected as the preferred negotiator for the sale of KDB Life Insurance. The sale process, which is the seventh attempt by the Industrial Bank of Korea since 2014, has moved to the main negotiation stage. On the 13th, the Industrial Bank of Korea held an investment review committee meeting and designated Korea Investment Holdings as the preferred negotiator. In the main bidding for KDB Life, Korea Investment Holdings, Hanwha Life, and Heungkuk Life submitted final acquisition proposals, while Samsung Life did not participate. KDB Life is a subsidiary of the Industrial Bank of Korea, and the limited availability of life insurance companies and the competitive edge in alternative investments are acting as incentives for investment. This selection is related to Korea Investment Holdings' plans to enter the insurance industry, as they are reviewing both life and non-life insurance companies for acquisition. If Korea Investment Holdings acquires KDB Life, it will secure a different funding base from its existing financial investment business. However, being selected as the preferred negotiator only means that they have the position to negotiate transaction terms with the seller, and does not signify the completion of the acquisition. The Industrial Bank of Korea has attempted to sell KDB Life six times without success, making this the seventh attempt.

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