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KB Financial completes acquisition of Prudential Financial's South Korean unit

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KB Financial completes acquisition of Prudential Financial's South Korean unit

KB Financial Group Inc. completed the acquisition of Prudential Life Insurance Co. of Korea Ltd. from Prudential Financial Inc. for roughly $1.9 billion, or 2.3 trillion South Korean won.

The consideration comprises of a base purchase price of 2.265 trillion won, plus a fixed interest amount accrued on the base price up to the date of the completion of the deal of 75.0 billion won, less leakage adjustments during the period of 40.5 billion won.

Following the acquisition, the South Korean lender has 13 first-tier subsidiaries.

As of Aug. 28, US$1 was equivalent to 1,181.87 South Korean won.