Arab Today, arab today kb financials takeover of local insurer hits snag over price
Last Updated : GMT 21:46:51
Arab Today, arab today
Arab Today, arab today

KB Financial's takeover of local insurer hits snag over price

Arab Today, arab today

Arab Today, arab today KB Financial's takeover of local insurer hits snag over price

KB Financial Group
Seoul - Yonhap

A move by KB Financial Group to acquire a local insurer has reached an impasse despite a recent long-awaited approval from the financial regulator, industry sources said Friday.
In June, South Korea's second-largest banking group preliminarily agreed to buy a 19.47 percent stake in LIG Insurance Co., the country's fourth-largest insurer, for 685 billion won (US$632 million). Last month, the Financial Services Commission (FSC), the country's financial regulator, gave its nod to the deal, paving the way for KB Financial to beef up its non-banking business.

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