KB Financial puts off decision on ING's S.Korean unit buy to Dec 18

SEOUL Wed Dec 5, 2012 5:31am EST

Related Topics

SEOUL Dec 5 (Reuters) - KB Financial Group Inc's board has postponed a decision on the purchase of ING Groep NV's South Korean insurance unit to December 18, KB said in a statement on Wednesday.

KB's board was to have decided on the purchase at Wednesday's board meeting, a deal that could be valued at more than $2 billion, sources previously told Reuters.

The board discussed the acquisition of ING's South Korean insurance unit after receiving reports from officials on Wednesday but decided to resume discussions at the later date due to the importance of the matter and extensive amount of information, the company said.

KB declined to disclose any other details, citing the confidential nature of the discussions. (Reporting by Joyce Lee; Editing by Muralikumar Anantharaman)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video