A move by KB Financial Group to acquire a local insurer has reached an impasse despite a recent long-awaited approval from the financial regulator, industry sources said Friday.
In June, South Korea's second-largest banking group preliminarily agreed to buy a 19.47 percent stake in LIG Insurance Co., the country's fourth-largest insurer, for 685 billion won (US$632 million). Last month, the Financial Services Commission (FSC), the country's financial regulator, gave its nod to the deal, paving the way for KB Financial to beef up its non-banking business.