Hana Financial Group to acquire a 70% stake in The-K Non-life Insurance from The Korean Teachers Credit Unit for $70m.

Hana Financial Group, a company providing management services and financing to associated companies, agreed to acquire a 70% stake in The-K Non-life Insurance, an operator of insurance businesses, from The Korean Teachers Credit Unit, a government-sponsored institution that operates as a credit union and offers financial services, for $70m. Hana Financial Group is expected to carry out effective PMI work as soon as the acquired company is small, such as fostering The K Insurance as a digital insurance company and establishing a bancassurance through Hana Bank as a sales channel.