Kyobo Life poised to buy Japan’s SBI Group-owned savings bank

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Kyobo Life poised to buy Japan’s SBI Group-owned savings bank - Korea Economic Daily

Quick Summary:

Kyobo Life Insurance Co.is in final stages of negotiation with Japanese financial group SBI Holdings Inc.to buy about a 50% stake in SBI Savings Bank, the largest savings bank in South Korea, according to financial industry sources on Thursday.

Kyobo Life Insurance's shareholding in subsidiaries Company name Stakeholding (%) Kyobo Securities Co.84.7 Kyobo Asset Trust Co 100 Kyobo Lifeplanet Life Insurnce Co.100 Kyobo AXA Investment Managers Co.50 Pavilion Asset Management Co.* 100 (In 2023, it acquired Pavilion, a Korean alternative investment firm) PROJECT FINANCING LOANSSBI Saving Bank has been largely shielded from the project financing turmoil.

The move is expected to give fresh impetus to Kyobo’s push to transform into a holding company and revive its long-delayed initial public offering plan by adding a banking arm to its portfolio focused on non-banking services.“We’re in talks with SBI Holdings, but details such as the size of the stake has not been finalized yet,” said a Kyobo Life official.