Date
23 November 2017

BOC to buy stake in Samsung Air China Life, Yonhap says

South Korea’s Samsung Life Insurance Co., Ltd. inked a deal Friday with Bank of China Ltd. (BOC, 03988.HK, 601988.CN), Bank of China Group Insurance Co. Ltd. and China National Aviation Holding Co. to jointly own stakes in Samsung Air China Life Insurance Co., Yonhap news agency reported Sunday. Bank of China will inject funds into the venture through a stake purchase by Bank of China Group Insurance. Details will be released once the deal is completed, the report said. Samsung Air China Life Insurance Co. Ltd. was founded in 2005 by Samsung Life and China National Aviation with capitalization of 144 billion won (US$136.59 million), the report said.

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TL/MY/SK

 

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