Prudential Considers Sale of Korean Units

NEWARK, N.J. (TheStreet) -- Prudential Financial(PRU Quote) is toying with the idea of selling off some of its Korean assets, according to a release from the company.

That wold include the potential sale of Prudential Investments & Securities and Prudential Asset Management, both based in Seoul, South Korea.

The deal could rake in about $850 million, Reuters reported.

The move could trigger consolidation efforts among other brokerage and management companies.

Plans, however, would not affect its life insurance business in the area, The Prudential Life Insurance Company of Korea.

Prudential had $580 billion of assets under management as of June 30.

Prudential is set to report its third-quarter earnings results on Nov. 4 and shares of the company closed on Friday down 1% to $46.75.

Rival American International Group (AIG Quote) has been fiercely selling off its assets in an effort to repay a massive $85 billion loan from the government.

-- Reported by Jeanine Poggi in New York

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