Yulchon and Debevoise & Plimpton have advised U.S. insurer Prudential Financial on the 2.3-trillion-won ($1.89 billion) sale of its Korean unit to Korea’s KB Financial Group, which was represented by Kim & Chang. 

This deal marks Prudential Financial’s exit from the South Korean market after 30 years.

According to Reuters, KB Financial Group said the purpose of the acquisition was to enhance the competitiveness of its own life insurance business.

The Yulchon team was led by partners Nina H. Kim, Hyeon Hwa Shin, Hyung Ki Lee, Jeremy Everett, Sang Woo Song, Jae Woo Park and Christopher Mandel.

 

To contact the editorial team, please email ALBEditor@thomsonreuters.com.