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Kyobo Life considers sale of stake in brokerage unit

South Korea's Kyobo Life Insurance Co. Ltd. is considering options for its stake in Kyobo Securities Co. Ltd., including a sale.

Kyobo Securities confirmed rumors that its controlling shareholder was considering selling its stake. Kyobo Life is also exploring whether to retain the stake or form a joint venture with a partner, the brokerage said.

Kyobo Securities expects to provide an update on any development by July 11.

Kyobo Life owns a majority stake in Kyobo Securities, according to S&P Global Market Intelligence data.