© Reuters. Saneun puts KDB Life Insurance up for sale
The Korea Development Bank will issue a sales notice next week and begin selling KDB Life Insurance in earnest. Two potential takeover candidates, including Cactus Private Equity (PE), which formed a consortium with KG Group to acquire Ssangyong Motor, are competing.
According to the industry on the 22nd, the Korea Development Bank and Consus Asset Management, the main shareholders of KDB Life Insurance, selected Samil Accounting Corporation as the lead manager for the sale and EY Hanyoung Accounting Corporation as accounting advisors, and will start the full process – new sales process from next week. Earlier this year, the Korea Development Bank attempted to sell a 92.73% stake in KDB Life Insurance to JC Partners, a private equity fund manager. However, as JC Partners failed to pass the major shareholder qualification test from the financial authorities, the sale was ultimately unsuccessful, and this time, the sale was resold. At a press conference on the 100th day of his inauguration in September, Kang Seok-hoon, chairman of the Korea Development Bank, mentioned the sale of KDB Life Insurance, saying, “Since the current interest rate level is rising, the conditions sell well. .”
KDB’s resumption of selling KDB Life Insurance by the end of this year is an evaluation that was anticipated on the 4th when Kim Hee-tae, former CEO of Woori Aviva Life Insurance (now DGB Life Insurance), took up his position as senior vice president . from KDB Life Insurance. Vice President Kim, formerly of Woori Bank, moved to Woori Aviva Life Insurance in 2011 and served as CEO until September 2013, immediately prior to the sale of the company, and has experience leading the sale process.
It is known that two companies, including Cactus PE, have shown interest in acquiring KDB Life Insurance in a pre-acquisition intent survey conducted by KDB prior to the open competitive bid. However, KG Group, which invested money in the acquisition of Ssangyong Motor along with Cactus PE, is reluctant to participate in the acquisition. In the industry, it is noted that Woori Financial Group could also be a candidate for acquisition.
The problem is that KDB’s life situation is not easy. The biggest stumbling block is the over-selling of savings-style insurance, which is negative for long-term profitability. Another burden is that the early redemption date of $200 million worth of permanent bonds will return next year.
Reporter Lee Ji-hoon lizi@hankyung.com
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