You are here

China's Anbang agrees to buy controlling stake in Tong Yang Life

Tuesday, February 17, 2015 - 07:34

[SEOUL] China's Anbang Insurance Group agreed to buy a controlling stake in South Korean life insurer Tong Yang Life Insurance Co, Tong Yang's largest shareholder said on Tuesday.

South Korean private equity firm Vogo Investment, holder of a 57.5 per cent interest in Tong Yang, confirmed the sale to Anbang in a statement without disclosing the price.

Anbang is expected to pay about US$1 billion for the stake, a person with direct knowledge of the matter said on Monday.


Market voices on:

Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at

Powered by GET.comGetCom