Shinhan Financial Group Co., Ltd. (KOSE:A055550) signed a contract to acquire 59.15% stake in Orange Life Insurance, Ltd. (KOSE:A079440) from MBK Partners for KRW 2.3 trillion on September 5, 2018. Under the terms of the transaction, Shinhan Financial Group Co., Ltd. will acquire 48.5 million shares. The transaction is subject to regulatory approval. The transaction was resolved and approved by the Board of Directors of Shinhan Financial Group Co., Ltd. and resolved by the Board of Orange Life Insurance, Ltd. on September 5, 2018. On January 16, 2019, Shinhan Financial Group received regulatory approval for the acquisition from Korean Financial Services Commission. As of January 16, 2019, Shinhan Financial is in the subsequent procedure to complete the acquisition. Morgan Stanley acted as a financial advisor and Kim & Chang acted as a legal advisor to MBK Partners. JP Morgan acted as financial advisor to Shinhan Financial Group Co, Ltd.

Shinhan Financial Group Co., Ltd. (KOSE:A055550) completed the acquisition of 59.15% stake in Orange Life Insurance, Ltd. (KOSE:A079440) from MBK Partners on February 1, 2019. Following the transaction, Orange Life operates as a direct subsidiary of Shinhan Financial. Taeyeon Kim elected as non executive Director.