▲ Korea Deposit Insurance Corporation
OK Financial Group has been selected as the new owner of Yebyeol Insurance, a bridge insurer for MG Non-Life Insurance.
The Korea Deposit Insurance Corporation (KDIC) announced today (July 10) that it has selected OK Next Co., Ltd. (OK Financial Group) as the preferred bidder for the public sale of Yebyeol Insurance.
The public tender for Yebyeol Insurance, which concluded on June 30, saw participation from several entities, including OK Financial Group, Korea Investment Holdings, Heungkuk Fire & Marine Insurance, and JC Flowers.
The KDIC explained, "Following a preliminary review of acquisition requirements under the law, an evaluation of requested financial support, and an assessment of contractual performance capabilities, we have selected OK Next Co., Ltd. (OK Financial Group) as the preferred bidder."
The KDIC plans to grant the preferred bidder an exclusive negotiation period and proceed with subsequent steps, including sale negotiations and the signing of a stock purchase agreement.
If negotiations proceed smoothly, the stock purchase agreement is expected to be signed within the third quarter, with the sale projected to be finalized within the year.
"We will do our best to ensure a swift resolution to protect policyholders and normalize Yebyeol Insurance," the KDIC stated.
In the previous main bid for the public sale held in April, only Korea Investment Holdings submitted a bid, leading to the tender being declared void.
During the time of MG Non-Life Insurance, Meritz Fire & Marine Insurance was selected as the preferred bidder for the sale, but the deal fell through after they abandoned the acquisition.
(Photo: Yonhap News)
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