New York Life Insurance has mandated Deutsche Bank as financial advisor to sell its Asian subsidiaries, reported E-Today.
The report, which cited industry sources, stated that the unlisted New York-based insurance company is aiming to complete the sale by October.
The report cited a source from KB Financial, the listed South Korean financial firm, as saying that its subsidiary KB Life is evaluating a potential acquisition of the business. The source told the paper however that it has yet to decide whether or not to make an acquisition play.
Meanwhile, New York Life’s Korean subsidiary denied the sale plan. A source from the company said that it has not heard of such a plan from its New York-based headquarters yet.
New York Life’s Korean subsidiary recorded revenue of KRW 196bn (USD 166m) last year.
Source: E-Today (translated)
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