Kyobo Life Insurance has received approval from financial authorities for a major shareholder suitability review related to its acquisition of SBI Savings Bank.
On March 18, South Korea's Financial Services Commission approved an agenda item on changing SBI Savings Bank's major shareholder at a regular meeting.
Kyobo Life last April held a board meeting and resolved to acquire 50 percent plus one share of SBI Savings Bank. It will buy the stake from SBI Holdings, the savings bank's largest shareholder, for about 900 billion won.
As of end-2024, SBI Savings Bank had total assets of 14.03 trillion won, total equity of 1.9 trillion won and 1,720,000 customers. It is the industry's top-ranked savings bank.
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Ji-young Lee
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