Shinhan Financial Group Co., Ltd. (KOSE:A055550) executed a stock exchange agreement to acquire the remaining 40.9% stake in Orange Life Insurance, Ltd. (KOSE:A079440) from GIC Pte. Ltd, NN Group N.V. (ENXTAM:NN) and others for approximately KRW 360 billion on November 14, 2019. As per the terms, Shinhan Financial Group's common shares that will be exchanged for common shares of Orange Life through the stock exchange will either be Shinhan Financial Group's treasury shares or newly issued common shares. Shinhan Financial Group Co., Ltd will acquire Orange Life Insurance, Ltd. at an exchange ratio of 1:0.6601483 and Shinhan Financial Group Co., Ltd. will issue 8.2 million shares. The acquisition and cancellation of treasury shares will be subject to the determination of the Board of Directors of Shinhan Financial and have yet to be confirmed. The transaction has been resolved by the Board of Directors of Shinhan Financial Group. As of January 10, 2020, the shareholders of Orange Life Insurance, Ltd approved the transaction.

Shinhan Financial Group Co., Ltd. (KOSE:A055550) completed the acquisition of remaining 40.9% stake in Orange Life Insurance, Ltd. (KOSE:A079440) from GIC Pte. Ltd, NN Group N.V. (ENXTAM:NN) and others on December 31, 2020. The trade of Orange Life Insurance, Ltd. will be suspended on February 13, 2020 and new share will be listed on February 14, 2020. On completion, Orange Life Insurance became a wholly owned subsidiary of Shinhan Financial Group. Jang, Jae-young of Shin & Kim acted as legal advisor in the transaction.