Korea Deposit Insurance Corporation (KDIC) said on the 30th that it conducted preliminary screenings, including majority shareholder eligibility, and letters of intent evaluations for three companies that participated in the preliminary bidding for the open sale of YeByeol Non-Life Insurance, and selected all of them as preliminary acquirers.
KDIC said it will give the preliminary acquirers about five weeks for due diligence and an opportunity to participate in the main bid. KDIC plans to accept main bids through Mar. 30 and, if there are valid bidders, to push to select a preferred negotiating partner by early Apr.
KDIC said that going forward all insurance contracts of YeByeol Non-Life Insurance will be transferred to a new acquirer or to five non-life insurers without any change in terms, and that no disadvantage will occur to policyholders.