ING Groep NV is in exclusive talks to sell its Korean life insurance division to private equity firm MBK Partners, the Wall Street Journal reported, citing unnamed sources.
MBK has offered to buy 100% of ING Life Insurance Korea for $ 1.6 billion, according to the WSJ. ING, the largest Dutch financial services company, agreed less than a month ago to sell its investment division in South Korea to Australia's largest investment bank Macquarie Group Ltd.
ING then announced that it still plans to sell the rest of its Asian insurance and investment divisions, including ING Life Insurance Korea. The Dutch company has agreed to sell some of its assets to receive rescue funds in 2008 and 2009, and has so far sold more than 25 companies worth at least 20 billion euros. MBK is based in Seoul and has managed assets of over $ 6.3 billion.
Source: Insurance.bg