Tag: ING

Life insurance arm in Korea sold by ING

G. Turner
life insurance business sold

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.…

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Insurance jobs to be lost at ING Groep following massive quarterly profit dive

H. Cutner
ING insurance businesses

The Dutch financial services company will lay off 2,350 employees after a Q3 slump of 64 percent. The largest Dutch financial services company, ING Groep, has announced that it will be slashing 2,350 employees from its rosters – 1,350 European insurance jobs, and 1,000 commercial banking positions – due to a slump in their profits from the third quarter of 64 percent. The company’s net income plummeted to €609 million, from having been €1.69 billion a year before. The lender, which is based in Amsterdam, released a banking and insurance…

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