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South Korean insurer finds buyer.
Byline: Roger du Mars in Seoul
Troubled South Korean insurer Daishin Life Insurance Co. secured a buyer in pharmaceutical group Korea Green Cross on Wednesday, March 26.
State agency Korea Deposit Insurance Corp., which is disposing of the insurer, has been seeking a buyer for Daishin since it collapsed in July 2001 under the weight of a series of ill-advised loans to troubled groups and an over-ambitious expansion program.
In 2002, three unidentified bidders emerged and retreated. Most recently Isu Chemical Co. had been vying with Korea Green Cross for the insurer.
A KDIC spokesman said Korea Green Cross proved to be the stronger …
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