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ING Groep NV Agrees To Cut Korea Operations Sale Price To Kb Financial Group Inc To $2.1 Billion-DJ
Dow Jones reported that Kb Financial Group Inc, which has been in exclusive talks to buy Korean life insurance operations from ING Groep NV (ING) since August, has cut its offer price for the Dutch firm's assets to around USD2.1 billion. KB Financial had agreed to pay KRW2.45 trillion for the firm's Korean assets previously, but has now agreed with ING to cut it to around KRW2.3 trillion. ING has sold big chunks of its Asian business already, with the Japanese and Korean assets now remaining. KB Financial began exclusive talks to buy those assets from August onwards when it was made the preferred bidder. It was the only bidder for the assets. But the sale has been complicated by domestic political uncertainties ahead of the December 19 presidential election and opposition by some of KB's non-executive directors worried about the cloudy outlook of Korea's insurance industry.
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