Reuters logo
ING says to sell S.Korea unit to private equity firm MBK
August 26, 2013 / 6:31 AM / in 4 years

ING says to sell S.Korea unit to private equity firm MBK

HONG KONG, Aug 26 (Reuters) - ING Greop NV has agreed to sell its South Korean insurance unit to private equity firm MBK Partners for total cash proceeds of about 1.84 trillion won ($1.65 billion), the Dutch financial services firm said in a statement on Monday.

The agreement to sell the South Korean unit marks another step in ING’s 1-1/2-year-old Asian divestment process. Last year, the bailed-out Dutch insurer sold its Hong Kong, Macau and Southeast Asian insurance units for a combined value of $3.87 billion.

Under the agreement, ING will hold an indirect 10 percent stake in ING Life Korea for about 120 billion Korean won ($107 million), confirming an earlier Reuters report.

$1 = 1116.9500 Korean won$1 = 1116.9500 Korean won

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below