Acquisition of Hanil Life Insurance Co.
2004-04-12On April 8, 2004, Kookmin Bank announced that it entered into an acquisition agreement with Korea Deposit Insurance Corporation and Hanil Life Insurance. According to the agreement, Kookmin Bank will acquire Hanil Life Insurance at the price of KRW 2.5 billion, and 40 existing employees of Hanil Life Insurance will remain employed for another one year on contractual basis.
After completion of the acquisition, Kookmin Bank plans to start insurance business with Hanil Life Insurance as a new subsidiary, KB Life. This will require approval of the establishment and permission to engage in insurance business from the Financial Supervisory Commission of Korea.