Shinhan Financial-insurer takeover

SEOUL, Oct. 13 (Yonhap) -- Shinhan Financial Group Inc., a major banking group, has decided to take over a midsize non-life insurer for 693 billion won (US$518 million) to diversify its business portfolio, industry sources said Tuesday.

Shinhan Financial's board of directors approved the acquisition of a 77.04 percent stake in Lotte Insurance Co., from private equity firm JKL Partners, and then the banking group plans to buy the remaining 22.96 percent depending on regulatory approval.

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