October 06, 2009

A big change in Korea financial industry structure is expected, as mergers and acquisitions, which were frozen in the aftermath of the global financial crisis, slip into gear.Prudential Financial, Inc. said in a statement yesterday it is currently exploring options including a possible sale of either or both of Prudential Investments & Securities Co., Ltd. and Prudential Asset Management Co., Ltd., which are headquartered in Seoul.

The U.S.-based insurance giant took over the brokerage house and the management company from the state-run Korea Deposit Insurance Corp. in 2004.The option ¡°does not affect Prudentials life insurance business in Korea: The Prudential Life Insurance Company of Korea, Ltd.,the U.S. company emphasized in the statement, suggesting that the possible sale would be part of its business portfolio adjustment to focus more on its main business - life insurance.