SEOUL, Sept 7 KB Financial Group Inc
is expected to agree as early as next week to buy ING Groep NV's
South Korean insurance business in a deal worth at
least $2.2 billion, media reported on Friday.
"The negotiation with ING is in the final stage ... and is
likely to be completed as early as next week," South Korea's
Edaily online news outlet quoted an unnamed KB Financial
official as saying.
ING has been looking to sell the business for around 3.5
trillion won ($3.1 billion) but the deal will likely be agreed
at between 2.5 trillion won and 3.0 trillion won, according to
A KB Financial spokesman said the company was still in talks
The proposed sale is part of the Dutch bank and insurer's
divestment plan in Asia. It is selling Asian life insurance and
asset management operations in two separate transactions.
ING expects to bring in a total of $7 billion in what could
be Asia's biggest insurance M&A deals, and plans to use the
proceeds to help repay a bailout it received from the Dutch
government during the 2008 financial crisis.
($1 = 1133.8500 Korean won)
(Reporting by Miyoung Kim; Editing by Chris Gallagher)