SEOUL, April 24 (AJP) - Korea Development Bank (KDB) has begun a formal process to sell its subsidiary KDB Life Insurance, aiming to complete the sale within this year.
According to industry sources, the state-run bank on Friday put out a notice to sell 116 million shares in KDB Life Insurance and relinquish management control.
KDB holds 99.75 percent of the insurer's outstanding shares, making it the largest shareholder.
This is not the bank's first attempt to sell the subsidiary, but all previous efforts fell through as the insurer continued to rack up losses despite several capital injections of around 2.1 trillion won amid sluggish growth and restructuring across the insurance industry.
Regardless of the outcome of the sale this time, the bank said it will continue efforts to turn KDB Life Insurance around, with plans to strengthen its business operations and improve profitability.
According to industry sources, the state-run bank on Friday put out a notice to sell 116 million shares in KDB Life Insurance and relinquish management control.
KDB holds 99.75 percent of the insurer's outstanding shares, making it the largest shareholder.
This is not the bank's first attempt to sell the subsidiary, but all previous efforts fell through as the insurer continued to rack up losses despite several capital injections of around 2.1 trillion won amid sluggish growth and restructuring across the insurance industry.
Regardless of the outcome of the sale this time, the bank said it will continue efforts to turn KDB Life Insurance around, with plans to strengthen its business operations and improve profitability.
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