[Alpha Biz=(Chicago) Reporter Kim Jisun] KDB Life Insurance will carry out a paid-in capital increase worth 140 billion won.

According to the financial industry on the 4th, KDB Life Insurance will carry out a paid-in capital increase of 142.58 billion won. The ostensible reason is that KDB Life Insurance's capital increase is aimed at responding to KRW 220 billion worth of subordinated bonds, which are due to expire next month.

As of the end of March, KDB Life Insurance had a K-ICS ratio of 101.7% (47.7% before the progress), which was less than the financial authorities' recommendation of 150%. The company also issued 90 billion won in subordinated bonds at the end of June to increase the K-ICS ratio.

Hana Financial is currently conducting a due diligence to acquire KDB Life Insurance. Hana Financial Group is said to be focusing on analyzing how much capital it should inject to match the K-ICS ratio to an appropriate level.

If it is determined that there is no problem with the acquisition, it will sign a share transfer contract (SPA) with KDB Industrial Bank.

 

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