KDIC, OK Financial Group Sign Share Purchase Agreement for Yebyeol General Insurance
Korea Deposit Insurance Corporation (KDIC) has signed a definitive agreement with OK Financial Group for the sale of Yebyeol General Insurance. The sale will be finalized after the acquisition procedures, including approval from the Financial Services Commission for a change in the largest shareholder, are completed, followed by financial support from KDIC and the transfer of shares.
On October 7, KDIC announced that it had signed a share purchase agreement for Yebyeol General Insurance with OK Next Co., Ltd., an affiliate of OK Financial Group. With the agreement signed, the sale process has moved to the regulatory approval stage. OK Next plans to proceed with the steps required to acquire Yebyeol General Insurance, including applying to the Financial Services Commission for approval to change the largest shareholder.
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Once all related procedures are completed, KDIC will provide financial support to Yebyeol General Insurance and then proceed with the share sale to OK Next. The open sale process for Yebyeol General Insurance will conclude once the share transaction is complete. KDIC said, "We will do our utmost to conclude the resolution as soon as possible to protect policyholders and normalize Yebyeol General Insurance."
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