KDB Life Insurance headquarters in Seoul (KDB Life Insurance) Korea Investment Holdings, Hanwha Life Insurance and Heungkuk Life Insurance submitted final bids for KDB Life Insurance on Friday, giving fresh momentum to Korea Development Bank's seventh attempt to sell the insurer.The three companies submitted their final offers by the 3 p.m. deadline, according to financial industry sources.Samsung Life Insurance, previously considered one of the strongest potential buyers, did not participate in the final bidding. Kyobo Life Insurance, which had joined the preliminary round, also opted not to submit an offer.This is KDB's seventh attempt to find a buyer for KDB Life. The state-run lender has tried to sell the insurer six times since 2014, but none of the previous attempts resulted in a deal.With the three bidders advancing to the final round, expectations have grown that the sale could succeed this time.A key variable, however, will be the size of any additional capital injection by KDB, which could affect both the valuation of KDB Life and the bidders' final terms.KDB is expected to select a preferred bidder as early as this month.
yeeun@heraldcorp.com
