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South Korea: KB Financial chosen as preferred bidder for LIG Insurance stake

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KB Financial Group Inc. has been chosen as the preferred bidder to acquire a 20% stake in South Korea's LIG Insurance Co. Ltd., an LIG spokesman said.

The banking group reportedly offered to buy the controlling stake in the nonlife insurer for 640 billion South Korean won ($630 million), The Korea Times reported. An official for KB Financial said "the planned acquisition of LIG Insurance will bring synergy such as cross selling between life and nonlife insurance products."

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