Chinese Insurer to Buy S. Korea's Tongyang Life

Write : 2015-02-17 18:07:45 Update : 2015-02-17 18:08:28

Chinese Insurer to Buy S. Korea's Tongyang Life

China's Anbang Insurance Group will acquire South Korea’s Tongyang Life Insurance for one-point-one trillion won.
 
Tongyang Life said in a regulatory filing that Vogo Fund, a local private equity fund that owns the largest shares in the Korean insurer, agreed to sell a 63-point-01 percent stake to the Chinese firm for 16-thousand-700 won per share.
 
The deal would mark the first acquisition of a South Korean financial firm by Chinese capital.
 
Tongyang Life is South Korea’s eighth largest life insurer with assets of 18 trillion won, while Anbang Insurance Group has rapidly grown to become a leading Chinese insurer in a decade’s time.

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