TOKYO — Japanese financial services group SBI Holdings will make South Korea’s third-biggest insurance firm Kyobo Life Insurance into an affiliated company, Nikkei has learned.
SBI will increase its stake to over 20% from the current 9.3% as it aims to leverage the South Korean company’s digital skills in improving its own insurance business, which has been lagging behind its other main operations such as finance and stock trading. SBI’s total investments, including its additional funding this time around, look to be about 100 billion yen ($700 million).
