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BKL Advises Fubon Life on Share Subscription of Hyundai Life


BKL recently advised Fubon Life, an affiliate of Fubon Financial Holding, one of Taiwan’s most prominent companies, in connection with its share subscription of Hyundai Life’s share offering, equivalent to KRW 233.6 billion.

Since its foundation in 1989 as Daeshin Life, Hyundai Life was sold to Green Cross Life in 2003, and incorporated into Hyundai Motor Group, in 2012. As of the end of December 2017, Hyundai Life is a mid-sized insurance company with total assets of KRW 13 trillion. Fubon Life previously invested in Hyundai Life and became a minority shareholder holding 48% in December 2015. Subsequently, Fubon Life became the largest shareholder of Hyundai Life holding 62% through this share subscription. The corporate name of Hyundai Life has been changed to Fubon Hyundai Life as of September 13, 2018.

Since the share subscription, Fubon Hyundai Life’s risk based capital ratio has improved to more than 250%. Fubon Hyundai Life will be able to further enhance its sales force, by benchmarking the know-how of Fubon Life with respect to bancassurance and pension insurance products that have been successful in Taiwan.

BKL team lawyers including Sky YANG, Mi Eun ROH, Yoon Hyoung JEONG, Sung Yun KANG, Eu Gene Park advised Fubon Life on all aspects of the share subscription transaction, including conducting due diligence on Hyundai Life, drafting and negotiating the share subscription agreement, and shareholders agreement as well as providing closing assistance. Throughout the transaction, the advisory team, composed of securities and finance, insurance and labor experts worked closely to provide comprehensive, solution oriented advice, helping to progress the transaction to a smooth and successful closing.

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