Korea Names OK Financial as Preferred Buyer for MG Insurance Unit, First Success After Six Failed Attempts

According to Yonhap Infomax, on July 10, Korea Deposit Insurance Corporation selected OK Financial Group as the preferred negotiation partner to acquire 예별손해보험 (a bridge insurer holding MG Insurance assets), marking the first successful bid after six failed acquisition attempts since MG Insurance was designated as a troubled financial institution in April 2022.

This represents the first acquisition by a savings bank-affiliated financial group of an insurance company in Korea and the first major M&A success for OK Financial since acquiring Korean Citigroup Capital ten years ago.