life insurance
SEOUL (Dow Jones)--Goldman Sachs Group Inc. (GS) has dropped out as a manager for the initial public offering of Korea Life Insurance Co., and will likely be replaced by Credit Suisse Group (CS), an official at Hanwha Group said Wednesday.
The official didn't give a reason for Goldman Sachs's exit from the IPO, which will take place next year.
Hanwha Group, South Korea's 13th-largest conglomerate by sales, owns a 67% stake in the life insurance company.
Korea Life a week ago selected bankers, including Goldman Sachs, Deutsche Bank AG, JPMorgan Chase & Co., Daewoo Securities Co., Tong Yang Securities Inc. and Woori Investment & Securities Co, to manage its IPO, which could raise at least $2 billion.
Both Goldman Sachs and Credit Suisse declined to comment.
Online news provider Money Today reported earlier, citing unnamed people, that Goldman Sachs may have opted to drop out because of a potential conflict of interest over the possible IPO of Samsung Life Insurance in which it is involved.
A spokesman at Samsung Life Insurance said that no work is underway for an IPO.
SEOUL (Dow Jones)--Goldman Sachs Group Inc. (GS) has dropped out as a manager for the initial public offering of Korea Life Insurance Co., and will likely be replaced by Credit Suisse Group (CS), an official at Hanwha Group said Wednesday.
The official didn't give a reason for Goldman Sachs's exit from the IPO, which will take place next year.
Hanwha Group, South Korea's 13th-largest conglomerate by sales, owns a 67% stake in the life insurance company.
Korea Life a week ago selected bankers, including Goldman Sachs, Deutsche Bank AG, JPMorgan Chase & Co., Daewoo Securities Co., Tong Yang Securities Inc. and Woori Investment & Securities Co, to manage its IPO, which could raise at least $2 billion.
Both Goldman Sachs and Credit Suisse declined to comment.
Online news provider Money Today reported earlier, citing unnamed people, that Goldman Sachs may have opted to drop out because of a potential conflict of interest over the possible IPO of Samsung Life Insurance in which it is involved.
A spokesman at Samsung Life Insurance said that no work is underway for an IPO.
