Lotte bidding

Lotte Insurance headquarters in Namdaemun on Friday. It has been reported that major companies and investors, including Hana Financial Group, Hanwha Group, MBK Partners, Hahn & Company and IMM Private Equity, submitted their bids to purchase Lotte Card on Friday. Separately, JKL Partners, Taiwan’s Fubon Financial and Japan’s Unison Capital are said to have turned in their bids for the purchase of the insurance company of the Lotte Group. In 2017, the Lotte Group created Lotte Corp, a holding company for the Korean conglomerate. Under fair trade regulations, the company has to sell off its financial affiliates within two years. The deadline for the sales are December. Lotte plans to review the bids before selecting a primary negotiator in a week or two. Citigroup is managing the deals. [YONHAP]