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South Korean regulator approves sale of Lotte Card, Lotte Insurance stakes

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South Korean regulator approves sale of Lotte Card, Lotte Insurance stakes

South Korea's Financial Services Commission approved Oct. 2 Lotte Group's plan to sell majority stakes in Lotte Insurance Co. Ltd. and Lotte Card CO.LTD.

According to Yonhap News Agency, JKL Partners Inc. is acquiring 53.49% of Lotte Insurance for 373.4 billion won, while MBK Partners and Woori Bank are acquiring 79.83% of Lotte Card for 1.38 trillion won.

The approval came before the Oct. 11 deadline for Lotte Group to divest financial services units, as mandated by the South Korean holding company law.

Lotte Group established LOTTE Corp. as a group holding company in October 2017.