NongHyup Financial Group Inc., South Korea's fourth-largest banking group by assets, plans to sell its 98.89 percent stake in its insurance unit, Woori Aviva Life Insurance Co., to DGB Financial Group, a local banking group, industry sources said Thursday.
NongHyup Financial Group will sign a preliminary deal to sell its stake in the insurance company to DGB Financial Group, led by the Daegu Bank Ltd., which is based in Daegu, about 300 kilometers south of Seoul, shortly after its board meeting to deal with the stake sale on Friday, the sources said.