[서울파이낸스 김현경 기자] Korea Development Bank announced on the 31st that it has signed a stock purchase agreement (SPA) with JC Partners.
JC PEF, which is scheduled to be established by JC Partners according to the contract, purchased 88 million shares of KDB Life’s common stock (92.7% stake) held by KDB Consus Value PEF and SPC for 200 billion won, and participated in the capital expansion of 150 billion won for KDB Life. do.
Korea Development Bank attempted to sell KDB Life Insurance (formerly Kumho Life Insurance) in March 2010 as part of the Kumho Group’s restructuring and financial market security policy, but it was not successful. Since then, it has continued its management improvement efforts such as management efficiency work in 2017, capital expansion in 2018, and appointment of an insurance expert management. Based on this, KDB Life Insurance succeeded in improving its performance.
The Korea Development Bank explained that it decided the sale price by reflecting the appropriate market value amid difficult conditions such as the continued low interest rate, the difficult life insurance industry environment such as IFRS17 regulation, the opening of competitive sales, and Corona 19.
“With this sale, Korea Development Bank will be able to focus more on the role of leading policy financial institutions, such as supporting the Korean version of the New Deal and innovative growth,” said Yang Ki-ho, head of the capital market division of Korea Development Bank. The flexible business promotion by experts will provide an opportunity to develop into a Jiangsu life insurance company with superior profitability and soundness.”
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