SBI Holdings (TYO:8473) will sell part of its stake in South Korea's SBI Savings Bank to Kyobo Securities (KRX:030610) unit Kyobo Life Insurance, leading to the bank's reclassification as an equity-method affiliate by late 2026, according to a Monday filing on the Tokyo Stock Exchange.

The Tokyo-based financial services group will transfer a total of 156.1 million shares to Kyobo Life in stages by Oct. 30, 2026, starting with 26.5 million shares, or 9.97% of voting rights, on April 30.

Kyobo Life, one of South Korea's largest life insurers, is aiming to expand into non-insurance businesses.

After the final transfer, it will hold a majority of the voting rights in SBI Savings Bank, although SBI Holdings said it will retain 70% of the bank's economic interest and maintain equal board representation with Kyobo Life.

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