Hana Financial Group has been named the preferred bidder to acquire KDB Life Insurance, Korea Development Bank (KDB) announced on Thursday. If the deal goes through, Hana Financial Group will own a 92.73 percent stake in KDB Life Insurance. 'The bidding closed on July 7, and the company has been selected as the preferred bidder based on its eligibility, the likelihood of the deal going through and KDB Life Insurance's mid to long-term growth potential,' KDB said in a statement. Due diligence will be conducted on Hana Financial Group before it acquires the life insurance firm.

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