[THE INVESTOR] The Financial Services Commission on Jan. 16 gave its approval for Shinhan Financial Group’s acquisition of Orange Life Insurance.

The top regulatory body’s nod comes four months after it signed a deal to buy 59.15 percent stake in Orange Life from a private equity fund of MBK Partners’ special purpose company for 2.3 trillion won (US$2.05 billion).

Orange Life's main office in downtown Seoul

Orange Life is the sixth-largest life insurance firm in Korea, with 32.3 trillion won total capital. Formerly known as ING Life Insurance Korea, the company was rebranded in September 2018 as the trademark contract with Dutch insurer ING expired.

The deal enabled Shinhan to become Korea’s largest banking group with 490.5 trillion won in assets, followed by KB Financial Group’s 477.7 trillion won.

Shinhan currently owns two life insurance firms, Orange Life and Shinhan Life Insurance, the eighth-largest firm by total capital.

By Son Ji-hyoung (consnow@heraldcorp.com)