KB Financial to Buy Prudential Financial's Korean Unit for $1.87 Billion

   By Kwanwoo Jun

South Korea's KB Financial Group Inc. has agreed to acquire U.S.-based Prudential Financial Inc.'s South Korean unit for 2.265 trillion won ($1.87 billion).

KB Financial Group's board of directors on Friday approved a deal to buy a 100% stake in Prudential Life Insurance Company of Korea Ltd., the South Korean banking group said in a regulatory filing.

Prudential said separately that the deal is expected to be completed by the end of the year.

The U.S. insurer said the deal would mark its exit from Korea after three decades, and is consistent with its strategic focus on Japan and other higher-growth emerging markets.

KB Financial shares closed 3.5% higher after the deal was disclosed.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

April 10, 2020 02:51 ET (06:51 GMT)

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