KOREA LIFE INSURANCE, Kb Financial Group Inc Shortlisted In Bid For ING Groep NV's Asia Life Insurance Operations; Leaving MetLife, Inc. AIA Group Limited And Others-DJ

Dow Jones reported that KOREA LIFE INSURANCE and Kb Financial Group Inc have been shortlisted in the bidding for ING Groep NV's life insurance operations in Asia. The price tag for the operations could potentially rise above $7 billion, according to analysts. Korea Life and KB Financial were among several initial bidders, including MetLife, Inc., Manulife Financial Corp and Hong Kong's AIA Group Limited. Both Korean companies have made the shortlist of bidders, KB Financial is bidding only for ING's Korean operations. The sales process allows for bidders to bid for only part of the business, or all of it. KB Financial has been looking to expand its non-banking business, especially its life insurance business, as it relies heavily on its flagship banking unit Kookmin Bank for revenue. The sales process allows for bidders to bid for only part of the business, or all of it. KB Financial has been looking to expand its non-banking business, especially its life insurance business, as it relies heavily on its flagship banking unit Kookmin Bank for revenue.