OK Financial Group has signed a formal contract to acquire Yebyeol Insurance.
The Korea Deposit Insurance Corporation announced on October 7 that it has entered into a stock purchase agreement (SPA) with OK Next Co., a subsidiary of OK Financial Group.
In the coming days, OK Next will proceed with the necessary steps for the acquisition of Yebyeol Insurance, including obtaining approval for a change in major shareholders from the Financial Services Commission. Once these procedures are completed, the Deposit Insurance Corporation will provide financial support as stipulated in the contract and finalize the sale by transferring shares to OK Next.
The Deposit Insurance Corporation was temporarily established as a bridge insurer to manage the resolution of MG Insurance, which was designated as a troubled financial institution. Since September of last year, it has been responsible for managing insurance contracts and processing claims after acquiring related assets from MG Insurance.
A representative from Yebyeol Insurance stated, "We will do our utmost to ensure that the resolution process is completed swiftly for the protection of policyholders and the normalization of Yebyeol Insurance."
* This article has been translated by AI.
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