Life insurance arm in Korea sold by ING

August 30, 2013August 27, 2013 G. Turner

The financial services group has now sold the South Korean unit to MBK Partners Ltd. ING Groep NV has now announced that it has managed to sell its South Korean life insurance unit, after having made the second attempt with a span of twelve months to accomplish this goal. It managed to raise approximately $1,646,800 (1.38 trillion South Korean Wan). The amount for the purchase was agreed upon by the buyer, MBK Partners Ltd., which is an Asian buyout company that was created by executives formerly from the Carlyle Group.…

Life insurance deal dropped by KB Financial

December 19, 2012April 30, 2013

The bid that had been made for ING’s business in that sector in Korea has now been removed. Though ING Groep had received a bid on its Korean life insurance assets, that opportunity has now been lost as the sole buyer who had been involved in the deal has now withdrawn the offer that it had made. KB Financial Group was the would be buyer of the business that ING held in that market of Korea. Now, KB Financial, which is based in Seoul, has pulled out the bid that…