February 4, 2015 / 11:51 PM / 5 years ago

China's Anbang to buy stake in Tong Yang Life - Korea Economic Daily

SEOUL, Feb 5 (Reuters) - China’s Anbang Insurance Group Co has signed an initial agreement to buy a controlling stake in South Korea’s Tong Yang Life Insurance for around 1.1 trillion won ($1.01 billion), a South Korean newspaper reported on Thursday.

Anbang has signed a memorandum of understanding to buy South Korean private equity firm Vogo Investment’s 57.5 percent stake in the country’s eighth-largest life insurer, Korea Economic Daily reported without naming specific sources.

Officials at Vogo and Anbang could not be immediately reached.

$1 = 1,088.0000 won Reporting by Joyce Lee; Editing by Stephen Coates

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