Only one bidder backed by Chinese capital submitted a final bid for Korea Development Bank's 85% stake in South Korea's KDB Life Insurance Co. Ltd., Yonhap News Agency reported Dec. 22, citing sources in the investment banking industry.

It is Korea Development Bank's third attempt to sell its stake in the life insurer. The policy lender will decide whether it will proceed with a deal by the end of 2016.

The bank is seeking to raise 900 billion won from the sale, according to the report.

As of Dec. 22, US$1 was equivalent 1,205.41 South Korean won.