Tunis:Shinhan Financial Group Inc. has announced its decision to acquire a significant stake in Lotte Insurance Co. for 693 billion won (US$518 million) as part of its strategy to diversify its business portfolio.
According to Yonhap News Agency, the board of directors at Shinhan Financial has approved the purchase of a 77.04 percent stake in Lotte Insurance from the private equity firm JKL Partners. Following this acquisition, Shinhan Financial plans to acquire the remaining 22.96 percent, contingent upon receiving regulatory approval.