HONG KONG Aug 26 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
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)