The sale process for Yebyeol Non-Life Insurance has entered the stage of selecting a preferred bidder.
The Korea Deposit Insurance Corporation said on July 10 that it selected OK Next Co (OK Financial Group) as the preferred bidder after evaluating bids in a re-announced public sale of Yebyeol Non-Life Insurance.
KDIC received final acquisition proposals from 4 companies in the re-announced public sale of Yebyeol Non-Life Insurance, which closed on June 30.
It then decided on OK Financial Group as the preferred bidder after a preliminary review of statutory acquisition requirements, an assessment of requested funding support and an evaluation of contract performance capability.
KDIC plans to grant an exclusive negotiation period to the preferred bidder and proceed with follow-up steps such as sale negotiations and signing a share purchase agreement.
A KDIC official said, "We will work to ensure the process can be concluded promptly to protect policyholders of Yebyeol Non-Life Insurance and normalise the company."
Ji-young Lee (이지영)
ljy@d-today.co.kr