Hana Financial signs W77b deal to acquire The-K Non-Life
Published : Feb 14, 2020 - 19:25
Updated : Feb 14, 2020 - 23:27
A logo of The-K Non-Life Insurance
This is the first acquisition deal for Korea’s third-largest banking group since the takeover of Korea Exchange Bank in 2013.
The-K Non-Life will become the 14th affiliate and second insurer arm to be under Hana’s umbrella.
KTCU will remain a minority shareholder of the insurer with a 30 percent ownership.
The announcement came two months after Hana was selected as the preferred bidder for the stake in the nation's 14th-largest non-life insurer. The deal is awaiting regulatory approval.
The-K Non-Life Insurance was founded in 2003 as an auto insurance firm, and has since been wholly owned by KTCU.
Through the deal, The-K Non-Life would be able to add to its diverse product portfolio, ranging from auto to health, saving, travel, and leisure insurance products, Hana said in a statement.
The-K Non-Life recorded a 10.5 billion won net loss in 2018. Nearly half of its insurers are KTCU members.
By Son Ji-hyoung (email@example.com)
Mar 27, 2020
Mar 28, 2020