SBI Holdings (TYO:8473) will increase its stake in Kyobo Life Insurance, making the South Korean insurer an equity-method affiliate, according to a Thursday filing on the Tokyo Stock Exchange.
The move strengthens a partnership dating back to 2007 and supports SBI's global insurance expansion strategy.
SBI will raise its voting rights in Kyobo Life to 20.4% from 9.3%, pending approval from South Korea's regulators. The deal is expected to close within 10 business days after approval.
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