Affinity, GIC sell out of Kyobo Life; Chairman Shin seeks holding firm, M&A

Quick Summary:

The three buyers – SBI, Shinhan and Korea Investment – are said to be friendly to Kyobo Life Chairman Shin Chang-jae, who has been in a protracted put option dispute with Kyobo’s four FIs – Affinity, GIC, EQT Partners, previously known as Baring PE, and IMM Private Equity – for years.

Affinity Equity Partners and Singapore’s sovereign wealth fund GIC have sold their entire stake in Kyobo Life Insurance Co., exiting from their investment in South Korea’s third-largest life insurer in 13 years.

Late Friday, Affinity sold its 9.05% stake in Kyobo to SBI Group, a Japanese financial conglomerate, while GIC sold its 4.5% stake to a special purpose company set up by Shinhan Investment Corp.and Korea Investment & Securities Co.

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Article Details

Category: Economy

Markets: South KoreaJapanSingapore

Topics: Share Kyobo Sources Chairman Investment Option Shin Stake Financial Affinity Life

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-07 @ 17:14:44 (2 days ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 673 words

Reading Time: 4 minutes read

Sentences: 32 lines

Sentence Length: 22 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 26718566

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