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Fubon to buy ING's Taiwan life ins unit -report

TAIPEI
Mon Oct 20, 2008 3:01am EDT

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TAIPEI (Reuters) - Taiwan's Fubon Financial (2881.TW) will buy ING's (ING.AS) Taiwan life insurance unit for $600 million, propelling Fubon into the top five of Taiwan's life insurers, local media reported on Monday.

Fubon was set to hold a media briefing at 8:30 a.m. local time (0030) to make a major announcement, but did not provide more details.

Fubon and ING of the Netherlands signed an agreement last week for the Taiwan firm to buy ING Life Taiwan, the Chinese-language Economic Daily reported, without citing sources.

(Reporting by Doug Young; Editing by Keiron Henderson)


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