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Business deals

Lotte to sell two financial units in shift to holding company

Credit card and insurance arms to be offloaded to comply with Fair Trade Act

The sale of the credit card unit is expected to adversely impact the group, considering the synergies generated with the department stores and other retailers operated by Lotte.

SEOUL -- South Korea's Lotte group is exploring the sale of two financial services units to comply with South Korean law as it transitions to a holding-company structure.

The conglomerate said on Tuesday it intends to sell credit card company Lotte Card and nonlife insurer Lotte Insurance. Losing the credit card business, which generates synergy with the department stores and other retailers Lotte operates, is likely to be a blow to the group.

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