ING in Talks With MBK Partners on Korea Life Sale, WSJ Says

ING Groep NV (INGA) is in exclusive talks on selling its Korean life-insurance operations to private-equity fund MBK Partners, the Wall Street Journal said, citing unidentified people familiar with the talks.

MBK offered to buy all of ING Life Insurance Korea for $1.6 billion, the WSJ reported today.

ING, the biggest Dutch financial-services company, agreed less than a month ago to sell its South Korean investment-management business to Macquarie Group Ltd. (MQG), Australia’s largest investment bank. ING, located in Amsterdam, said then it still planned to sell the rest of its Asian insurance and investment-management units, including ING Life Insurance Korea.

The Dutch company agreed to sell its global insurance and investment-management operations to win European Union approval for bailouts in 2008 and 2009 and has since disposed of more than 25 assets for at least 20 billion euros ($26.6 billion). MBK is based in Seoul and has more than $6.3 billion under management, according to its website.

Raymond Vermeulen, an Amsterdam-based spokesman for ING, declined to comment on the divestment of ING Life Insurance Korea in a text message.

To contact the reporter on this story: Fred Pals in Amsterdam at fpals@bloomberg.net

Photographer: Matthew Lloyd/Bloomberg

A logo sits on display outside an ING Groep NV bank branch in Amsterdam. Close

A logo sits on display outside an ING Groep NV bank branch in Amsterdam.

Close
Open
Photographer: Matthew Lloyd/Bloomberg

A logo sits on display outside an ING Groep NV bank branch in Amsterdam.

To contact the editor responsible for this story: Stephen Foxwell at sfoxwell@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.