Lee Jay-yong, Samsung Group's heir-apparent, is seeking to buy stakes in the group's key financial affiliates, a move seen to help boost his grip on South Korea's largest business group, industry sources said Tuesday.

According to the sources, Lee, vice chairman of Samsung Electronics Co., the world's largest smartphone manufacturer, is moving to purchase stakes in Samsung Life Insurance Co. and Samsung Fire & Marine Insurance Co., the country's top-rated insurance companies. The move is subject to approval by the country's financial regulator.

Samsung Life Insurance is 20.76 percent owned by Lee Kun-hee, chairman of Samsung Electronics. Cheil Industries, formerly known as Samsung Everland, holds a 19.34 percent stake in the life insurer and other affiliates hold about 7 percent.

Samsung Life is the biggest stakeholder of Samsung Fire & Marine with 14.98 percent, and the groups' affiliates hold about 3.5 percent of the country's largest non-life insurer.

Jay-yong, the senior Lee's only son, currently has no stakes in the two companies. Industry sources said the junior Lee wants to buy a 0.1 percent stake each in the two affiliates.

Samsung has been speeding up its structural reorganization after the senior Lee was hospitalized in mid-May after suffering a heart attack. His vacancy gave urgency to the transfer of management to his children.

Cheil Industries Inc., the de facto holding firm of Samsung Group, is seeking to list its shares on the local main stock market soon. Cheil Industries stands at the top of the conglomerate's business structure through a complex web of cross-shareholdings.

Last month, South Korea's bourse operator also approved the listing of Samsung SDS Co., the group's IT solutions affiliate, on the main bourse.

Market watchers speculate that the group may be divided into three key business lines in a managerial transition to the senior Lee's children.

Jay-yong is expected to be put in charge of the electronics and the finance subsidiaries, while the chairman's oldest daughter, Lee Boo-jin, would take over the hotel, leisure and service businesses.

The youngest daughter, Lee Seo-hyun, is predicted to assume control of the group's fashion and media businesses.

The Financial Services Commission, the country's financial regulator, is expected to discuss whether to approve the request on Wednesday, according to the sources.

Samsung Life & Insurance closed at 108,500 won on the Seoul bourse, up 1.4 percent from the previous session's close, and Samsung Fire and Marine gained 1.06 percent to 287,000 won. The country's key stock index, the KOSPI, shed 0.33 percent. (Yonhap)