April 19, 2013 / 5:17 AM / 4 years ago

ING sells stake in Korea's KB Life for $148 mln

AMSTERDAM, April 19 (Reuters) - Dutch bank and insurance group ING Groep NV said on Friday it has agreed to sell its 49 percent stake in Korean insurance company KB Life to joint venture partner KB Financial Group for 166.5 billion won ($148.2 million).

The divestment is part of ING's split of bank and insurance operations mandated by the European Commission in return for receiving Dutch state aid in 2008 and 2009.

($1 = 1123.7000 Korean won)

Reporting by Gilbert Kreijger; Editing by Matt Driskill

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