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Hana Financial Group has joined the bidding to acquire KDB Life Insurance which is the insurance unit of the state-owned Korean Development Bank (KDB). Business observers said that the acquisition bid is likely a move being taken o boost the company’s competitiveness in the insurance market.
This may also be a strategy of the Hana Financial Group to better compete with its local rivals, such as Shinhan Financial Group and the KB Financial Group. As per The Korea Times, through the bid, it may also be looking to strengthen its non-banking divisions via separate buyout deals.
Various insiders in the banking sector said that the Hana Financial Group joined in the bidding process for the acquisition of KDB Life, which closed on Friday. The bidding event was presided over by Samil PwC and KDB, which is its current largest shareholder.
It was mentioned that 92.73% of KDB Life’s shares were up for grabs to the bidders that participated. The total amount of available shares is KRW200 billion, which is about $153.4 million.
Prior to the bidding, it was said that private equity fund (PEF) companies such as WWG Asset Management and Cactus PE have reviewed the buyout. However, neither of the two firms actually participated in the final bid.
In any case, market experts said they believe KDB Life has a very high chance of buying Hana Financial Group. Once the deal is finalized, this will help Hana in expanding its non-banking units. Likewise, if KDB Life acquires Hana Financial, its life insurance business is expected to go up in ranks and place 8th in the industry.
Alpha Kyeongje reported that organizers of the sale received letters of intent by on the day of bidding, but Hana Financial Group participated alone. It aims to buy the shares owned by Korea Development Bank and Kansus Asset Management.
Photo by: Hana Financial Group Website
