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[Alpha Biz=(Chicago) Reporter Paul Lee] 13 years after KDB Life was acquired by Korea Development Bank, it is looking for a new owner.
The Korea Development Bank said on the 13th that it has selected Hana Financial Group as the preferred bidder for the sale of KDB Life Insurance. Subject to the sale is a 92.73% stake in KDB Life Insurance held by KDB Kansus Value PEF, jointly created by the Korea Development Bank and Kansus Asset Management.
Korea Development Bank and Kansus Asset Management have been selling Samil PwC Accounting Corporation since the end of last year. Hana Financial Group plans to negotiate prices and conditions with the Korea Development Bank after six to seven weeks of due diligence.
Price negotiations are expected to start at a similar level as when they pushed for the sale to JC Partners in 2020. At that time, the two sides agreed on conditions such as 200 billion won in old shares and 150 billion won in paid-in capital increase, but the sale was canceled as JC Partners failed to pass the financial authorities' screening of eligibility as a major shareholder. Analysts say the sale does not pose a high risk of such approval by financial authorities. However, it is known that there are considerable differences in positions between the two sides in terms of sales price and conditions.
This sale is the fifth time since Korea Development Bank acquired KDB Life Insurance (Kumho Life Insurance at that time) in 2010.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
