Standard Chartered Private Equity (SCPE) has made a long term investment in Kyobo Life Insurance Co. Ltd. (Kyobo).
The purchase was made through Finventures KBL LLC, an investment company wholly controlled by SCPE, which will acquire an aggregate 5.3% stake in Kyobo from existing shareholders who are members of the company’s founding family.
“SCPE is confident in the long term potential of Kyobo and Kyobo’s ability to capitalise on this potential to achieve enhanced value for all its constituencies. We view Korea’s life insurance industry as having undergone dynamic changes in recent years that will lead to attractive growth opportunities in this sector. Kyobo, with its strong management team and sound business base, is well positioned to capitalise on these opportunities,” says Karam Butalia, head of SCPE.
“Standard Chartered believes that Korea is an economy and marketplace particularly conducive to growth in the financial services sector. We feel we have sound appreciation of this market because of our presence in it through our local banking network. We are excited by our investment in Kyobo and, at some point, if appropriate, may consider extending an interest in our stake to additional high quality investors to help further Kyobo’s long term potential and objectives,” adds Butalia.