DB Insurance Acquires 37.5 Billion KRW Worth of Shares in Affiliate DB Asset Management

DB Insurance announced on the 23rd that it will acquire 2.68 million shares of its affiliate DB Asset Management for approximately 37.5 billion KRW. If the contract is not finalized by December this year, DB Financial Investment will participate as an alternative transferee.

If DB Insurance newly acquires 2.68 million shares of DB Asset Management, it will hold about a 40% stake and become the second-largest shareholder. Currently, the largest shareholder of DB Asset Management is DB Financial Investment, holding approximately 55% of the shares.

DB Insurance plans to acquire shares sold by five companies: Shinhan, KDB, Hana, Busan, and Woori Banks. If DB Financial Investment acquires the shares instead of DB Insurance, DB Financial Investment's stake in DB Asset Management will become 100%.

DB Insurance stated that the purpose of this stock acquisition is to "expand synergy among financial affiliates."