KDB Life Insurance headquarters in Seoul / Courtesy of KDB Life Insurance
Korea Investment Holdings, a financial holding company in Korea, said Thursday it has been named the preferred bidder for KDB Life Insurance, an affiliate of the state-run Korea Development Bank (KDB).
Three companies — Korea Investment Holdings, Hanwha Life Insurance and Heungkuk Life Insurance — had formally submitted their final bids for KDB Life Insurance last week.
Korea Investment Holdings, which has a brokerage and other financial units under its wing, has sought to expand its business portfolio into insurance.
Since 2014, KDB has attempted to sell the insurance unit.
