April 24, 2024
Finance
Shinhan Financial raises capital in possible bid to acquire ING Life
[THE INVESTOR] Shinhan Financial Group has steadily raised capital this year in a possible bid for ING Life Insurance, market watchers said on Aug. 22.
Shinhan Financial plans to issue contingent convertible bonds worth 400 billion won (US$357.30 million) and yields on the bonds were set at 4.15 percent, according to a corporate watcher.
Shinhan Financial plans to issue contingent convertible bonds worth 400 billion won (US$357.30 million) and yields on the bonds were set at 4.15 percent, according to a corporate watcher.
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If the bond issue is successful, Shinhan Financial’s capital reserve will be raised by 1.1 trillion won this year. Shinhan Financial is reportedly in talks with MBK Partners, which owns ING Life, to buy a controlling stake in the life insurer.
According to media reports, MBK Partners has asked Shinhan Financial to buy a 59.15 percent stake in ING Life for 2.4 trillion won.
Shinhan Financial reportedly wants to buy the stake for about 2 trillion won.
Officials at Shinhan Financial declined to comment on the report.
By Song Seung-hyun and newswires (ssh@heraldcorp.com)
