LOTTE Corporation (KOSE:A004990) Chairman Shin Dong-bin has decided to dispose of financial services units in order to complete its transformation into a holding company structure, LOTTE said on November 27, 2018. Lotte Corp. said it will sell Lotte Card Co., Ltd. and Lotte – Non Insurance Co., Ltd. (kose:A000400) – Lotte Insurance Co., Ltd. in order to meet Korea's fair trade regulations.

The Fair Trade Act stipulates a non-financial holding firm to unload its stakes in financial companies within two years of the holding firm's establishment. 'After reviewing rules on separating commerce and finance, we decided to sell Lotte Card and Lotte Insurance to outside buyers among our financial units. Further details will be revealed after discussions with sales manager Citigroup Global Markets Korea Securities.'