Seoul: Korea Investment Holdings Co., a financial holding company in South Korea, announced on Thursday that it has been designated as the preferred bidder for KDB Life Insurance, an affiliate of the state-run Korea Development Bank (KDB).

According to Yonhap News Agency, the bidding process saw participation from three companies, including Korea Investment Holdings, Hanwha Life Insurance, and Heungkuk Life Insurance, which submitted their final bids last week. Korea Investment Holdings, which operates a brokerage and various financial units, is aiming to broaden its business portfolio to include insurance.

The Korea Development Bank has been attempting to sell KDB Life Insurance since 2014. Korea Investment Holdings and KDB are expected to enter discussions to finalize the specifics of the sale, as noted by officials from the financial holding firm.