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Prudential Financial Exploring Options Including Sale Of Prudential Investments & Securities Co. And Prudential Asset Management Co. Ltd. in Korea

By Irina Waqar for CEOWORLD Magazine Updated:October 5, 2009

Prudential Financial Inc. (PRU.N), the second-biggest U.S. life insurer, said it may sell its south Korean investment and fund management units.

Company said late Sunday that this includes the potential sale of the Korean operations known as Prudential Investments & Securities Co. Ltd. and Prudential Asset Management Co. Ltd., both based in Seoul, South Korea.

But it said its plans do not affect Prudential’s life insurance business in Korea, The Prudential Life Insurance Company of Korea Ltd.

Prudential, which acquired the Seoul-based, securities and asset management units in 2004 from state-run Korea Deposit Insurance Corp., is seeking to exit.

The prospective deal will bring in an estimated 700 billion won ($597 million) to 1 trillion won ($853 million), more than double the amount the U.S. company paid to buy the businesses in 2004.

Yonhap news tipped KB Financial Group (KB.N), HSBC (HSBA.L) (0005.HK), Lotte Group and Hanwha Group as possible suitors for the Prudential units.

Prudential Financial, Inc. (NYSE:PRU), a financial services leader with approximately $580 billion of assets under management as of June 30, 2009, has operations in the United States, Asia, Europe, and Latin America.

Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. Prudential’s businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services.

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