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South Korea: Lotte Shopping, KB Financial submit bids for stake in LIG Insurance

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Lotte Shopping Co. Ltd. and KB Financial Group Inc., among others have submitted preliminary bids for a stake in South Korea's LIG Insurance Co. Ltd., which has put up for sale a 21% stake in its nonlife insurance unit.

LIG Group put the stake up for sale to secure funds to compensate investors for losses on faulty debt issued by a construction affiliate of LIG Group, Reuters reported.

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