À̹ÌÁö È®´ë Korea Development Bank (KDB) will likely cash out KDB Life Insurance that the policy lender had bailed out 10 years ago as it has named a preferred bidder for its insurance unit.
KDB announced Thursday that it picked local private equity firm JC Partners as the preferred bidder for KDB Life Insurance.
JC Partners was the sole bidder in the final auction closed on June 22. The private equity firm already finished due diligence on KDB Life Insurance after the preliminary auction in February.
JC Partners reportedly has offered to pay 200 billion won ($167 million) for a 92.73 percent stake in KDB Life Insurance.
KDB nationalized KDB Life Insurance, formerly Kumho Life Insurance, under its bailout program for liquidity-stressed Kumho Group in 2010. It jointly acquired the life insurer with Consus Asset Management at 650 billion won. The state lender placed the unit on the sale block in September last year after three failed attempts.
By Choi Seung-jin and Cho Jeehyun
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