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Shinhan Financial gets regulatory approval for acquisition of life insurer

South Korea-based Shinhan Financial Group Co. Ltd. received regulatory approval from the country's Financial Services Commission to acquire a majority stake in Orange Life Insurance Co. Ltd., according to a Jan. 16 Form 6-K.

Shinhan Financial signed a stock purchase agreement to acquire a 59.15% stake in Orange Life Insurance from private equity firm MBK Partners Ltd. in September 2018 for 2.299 trillion won.

As of Jan. 16, US$1 was equivalent to 1,120.06 South Korean won.