SEOUL Dec 18 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)