The board of KB Financial Group Inc. on Friday approved the group’s move to raise its stake in its life insurance unit, making it a fully-owned unit.
The board of South Korea’s No. 2 banking group said it gave the green light to the motion earlier in the day to buy the remaining 49 percent stake in KB Life Insurance Co. held by ING Group, without dissenting votes, a deal estimated at around 170 billion won ($152 million).
KB Life Insurance was established in 2004 as a joint venture between Kookmin Bank, the flagship unit of KB Financial, and ING Group. Kookmin Bank currently holds a 51 percent stake in the insurer.
The move comes as Dutch financial giant ING Group completed its move to dispose of all of its stakes in KB Financial Group following KB Financial’s aborted attempt to acquire ING’s insurance affiliate. (Yonhap News)
