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Korea Development Bank launches sale bid for life insurance unit

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Korea Development Bank launches sale bid for life insurance unit

Korea Development Bank has launched a bid to sell KDB Life Insurance Co. Ltd.

According to a sale notice issued Sept. 30, Korea Development Bank will accept letters of interest in early November and pick a preferred bidder by the end of December. It expects to complete the sale by early 2020.

The sale involves a controlling stake, or about 8.8 million common shares, in KDB Life.

Korea Development Bank had unsuccessfully tried to find a buyer three times since it acquired the former Kumho Life Insurance Co. Ltd. through a private equity fund in March 2010.

The South Korean policy bank said that the latest bid will likely attract increased participation from potential domestic and international investors given KDB Life's improved financials.