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| ▲ Headquarters of Korea Development Bank/Photo = Provided by Korea Development Bank | ||
[미디어펜=류준현 기자] Korea Development Bank (KDB) announced on the 31st that it has signed a stock purchase agreement (SPA) with JC Partners.
The contract includes the sale of about 88,000 shares of KDB Life’s common stock (92.7% stake) held by the KDB-Consus Value PEF and SPC for 200 billion won by JC Partners to the PEF scheduled to be established, and raising the capital by 150 billion won in the future of KDB Life. have.
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| ▲ Financial status of KDB Life Insurance/Data = Provided by Korea Development Bank | ||
In March 2010, KDB acquired Kumho Life Insurance and operated it as KDB Life Insurance as part of Kumho Group’s restructuring and financial market security policy. Although the sale failed three times until 2016, the following year, efforts to improve management efficiency, increase capital in 2018, and appoint an insurance expert management laid the foundation for the sale.
The KDB seems to have decided to sell it due to the continued low interest rate, the unfavorable business environment of the life insurance industry such as IFRS17 regulation, pouring competition, and Corona 19.
Yang Ki-ho, Vice President of the Capital Market Division, said, “With this sale, the KDB will be able to reduce the burden on KDB Life’s management and focus more on the role of leading policy financial institutions, such as supporting the Korean version of the New Deal and innovative growth.” It is expected that the flexible business promotion by private experts will provide an opportunity to develop into a Jiangsu life insurance company with superior profitability and soundness.”
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