KB Financial's board rejects proposed bid for ING's S.Korean unit

SEOUL Tue Dec 18, 2012 4:52am EST

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SEOUL Dec 18 (Reuters) - KB Financial Group Inc's board said in a statement on Tuesday that it rejected the company's proposed acquisition of ING Groep NV's South Korean insurance unit because of the uncertain economic outlook for next year.

The South Korean financial firm had already cut the negotiated price for the unit to around $2.05 billion, sources previously told Reuters, but KB's board postponed its final decision earlier this month when several independent board members maintained that the price was too high.

KB declined to comment, while a spokesperson for ING could not be immediately reached. (Reporting by Joyce Lee; Editing by Ryan Woo)

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