Yoon & Yang has assisted South Korean conglomerate Kyobo Life Insurance on its KRW900 billion (USD611 million) acquisition of Japanese-owned SBI Savings Bank from SBI Holdings.
“SBI Savings Bank, with its leading market position in the savings bank industry [in South Korea] and its digital customer base, made this transaction essential for Kyobo Life Insurance to diversify its portfolio and support its planned transition to a holding company structure,” Hwang Lim Jang, one of the three lead partners for Yoon & Yang, told Asia Business Law Journal.
Kyobo Life Insurance finalised its acquisition of a “50% plus one share” stake in SBI Savings Bank in April 2026, a year after the deal was initially announced, following the conclusion of the regulatory approval process.
“Kyobo Life Insurance was required to obtain, prior to closing, approvals from the financial supervisory authorities for the holding of a subsidiary under the Insurance Business Act, and for a change of major shareholder under the Mutual Savings Banks Act,” said Jang.
Jang led the overall transaction, including contract negotiations and closing of the deal. Senior foreign attorney Myong-Hyon Brandon Ryu drafted and negotiated the English transaction documents, while partner Seung Jae Yeon advised on regulatory approvals from the financial authorities.
The in-house legal team at SBI Holdings directly handled the negotiation of transaction documents and the closure process.
Kyobo Life Insurance Group is officially designated by the Korea Fair Trade Commission as one of the country’s 92 conglomerates, which are subject to stringent regulations and mandatory disclosure requirements.
