Samsung Life to buy Samsung Electronics stake in Samsung Card for $1.3 bln

Samsung Card

28/01/2016 07:29

SEOUL, Jan 28 (Reuters) - South Korea's Samsung Life 
Insurance Co Ltd  032830.KS  said on Thursday it will buy 
Samsung Electronics Co Ltd's  005930.KS  37.5 percent stake in 
sister firm Samsung Card Co Ltd  029780.KS  for 1.54 trillion 
won ($1.3 billion).  
    Samsung Life, an insurance arm of Samsung Group, the 
country's biggest conglomerate, already owns 34.4 percent of the 
credit card business. 
    Analysts and investors had long speculated that Samsung 
Group would eventually consolidate control of its financial arms 
under the life insurer. The move is seen as part of an ongoing 
streamlining of the smartphones-to-construction business 
empire's ownership structure, cementing the founding family's 
control.     
 
($1 = 1,208.2800 won) 
 
 (Reporting by Se Young Lee and Joyce Lee; Editing by Kenneth 
Maxwell) 
 ((vincentsy.lee@thomsonreuters.com; +822 3704 5646; Reuters 
Messaging: vincentsy.lee.thomsonreuters.com@reuters.net; follow 
me on Twitter @Rover829)) 
 
Keywords: SAMSUNG LIFE M&A/SAMSUNG CARD