Kyobo Life Insurance is eyeing acquisition targets in Korea’s banking sector in advance of a shake-up of the financial services market, as the country’s third biggest life insurer attempts to tap fresh areas of growth.

Shin Chang-jae, Kyobo’s chairman and chief executive, told the Financial Times the life insurer was interested in bidding for one of the state-run banks expected to be privatised during the next few years. These include Korea Development Bank, Woori Financial Group and Industrial Bank of Korea (IBK).