Korea Investment Holdings Selected as Preferred Bidder for KDB Life
Synergy in Whole Life Insurance and Wealth Management Services
Korea Development Bank (KDB) has selected Korea Investment Holdings as the preferred bidder for the sale of KDB Life.
According to the financial industry on August 13, Korea Development Bank held an Investment Deliberation Committee meeting on this day and selected Korea Investment Holdings as the preferred bidder for the KDB Life sale.
The Investment Deliberation Committee reportedly reviewed the final bidder’s eligibility and the possibility of normalizing KDB Life’s management.
The main bidding process, which closed on August 7 and was managed by Samil PwC, attracted three participants: Hanwha Life, Heungkuk Life, and Korea Investment Holdings.
According to industry sources, acquiring an insurance company has long been an aspiration for Korea Investment Holdings. The company aimed to complete its business portfolio by securing an insurance subsidiary in addition to its securities, asset management, savings bank, and capital arms.
If Korea Investment Holdings acquires KDB Life, it will secure total assets of approximately 17 trillion won.
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The insurance industry has closely watched whether the deal would go through, noting that acquiring a life insurer would allow Korea Investment Holdings to provide whole life insurance sales and wealth management (WM) services to high-net-worth clients.
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