KB Financial to Buy Prudential Financial's Korean Unit for $1.87 Billion
10 Abril 2020 - 2:06AM
Noticias Dow Jones
By Kwanwoo Jun
South Korea's KB Financial Group Inc. has agreed to acquire
U.S.-based Prudential Financial Inc.'s South Korean unit for 2.265
trillion won ($1.87 billion).
KB Financial Group's board of directors on Friday approved a
deal to buy a 100% stake in Prudential Life Insurance Company of
Korea Ltd., the South Korean banking group said in a regulatory
filing.
Prudential said separately that the deal is expected to be
completed by the end of the year.
The U.S. insurer said the deal would mark its exit from Korea
after three decades, and is consistent with its strategic focus on
Japan and other higher-growth emerging markets.
KB Financial shares closed 3.5% higher after the deal was
disclosed.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
April 10, 2020 02:51 ET (06:51 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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