SBI Holdings (TYO:8473) will raise its stake in South Korea's Kyobo Life Insurance to over 20% from 9.3%, investing around 100 billion yen ($700 million), Nikkei reported Thursday.
The move aims to enhance SBI's insurance business using Kyobo's digital technology, according to the report.
SBI will become Kyobo's largest shareholder, excluding the chairman, with Kyobo's assets totaling 138.7 trillion won ($98 billion), surpassing SBI Life's 133.8 billion yen ($939 million), the report said.
SBI first invested in Kyobo in 2007 and has since expanded collaboration, including a recent digital securities initiative, according to the report.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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