South Korea's financial regulator approved a deal on Wednesday for KB Financial Group Co. to take over a local non-life insurer, paving the way for the country's second-largest banking group to beef up its non-banking business.
The Financial Services Commission (FSC) gave the final nod for KB Financial to acquire LIG Insurance Co., the country's 4th-largest non-life insurance company as the internal feud-tarnished banking group is struggling to reshape its business portfolio.