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South Korean regulator OKs Fubon Life/Hyundai Life deal

South Korea's Financial Services Commission has approved the change of Hyundai Life Insurance Co. Ltd.'s controlling shareholder to Taiwan-based Fubon Life Insurance Co. Ltd. from the Hyundai Motor Group, according to an Aug. 31 filing.

A shareholder meeting will be called Sept. 13 to rename the company Fubon Hyundai Life Insurance Co. Ltd. before Fubon Life increases its stake to 62.4% from 48.6% on Sept. 14 by purchasing new shares.

The Taiwanese insurer said in April that it will purchase 46,727,047 new shares in Hyundai Life at 5,000 South Korean won per share for a total consideration of 233.6 billion won.

As of Aug. 31, US$1 was equivalent to 1,116.63 South Korean won.