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Biz News Korea(Eng)
State lender to re-attempt sale of KDB Life insurance in H2
- Collected
- 2017.01.04
- Distributed
- 2017.01.05
- Source
- Go Direct
According to finance industry sources on Tuesday, the state bank recently extended maturities of KDB Consus Value Limited Liability Company fund and KDB Consus Value private equity fund, special purpose vehicles it created to buy Kumho Life Insurance in 2010 jointly with Consus Asset Management Co.
The bank previously extended the maturity of the private equity funds by two years from original expiration of February 2015 after it failed to re-sell the life insurer in 2014. It will stretch the maturity yet again to a find a new buyer.
KDB owns a combined 85.05 percent stake in KDB Life through KDB Consus Value LLC and KDB Consus Value PEF with 60.35 percent and 24.70 percent stake, respectively in the life insurer.
The life insurer was placed on the sale block since 2014 but deals all fell through due to price difference. Extension of the funds suggest the bank is still intent on selling it, but whether it could be successful within the year remains uncertain given unfavorable conditions at home and abroad. There had been only a single bidder from China in last month’s auction.
KDB Life’s book value is estimated to have fallen to somewhere between 500 billion won ($414 million) and 600 billion won, half of what their shareholders had paid seven years ago.
By Hong Jang-won
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]