December 5, 2012 / 10:31 AM / in 5 years

KB Financial puts off decision on ING's S.Korean unit buy to Dec 18

SEOUL, Dec 5 (Reuters) - KB Financial Group Inc’s board has postponed a decision on the purchase of ING Groep NV’s South Korean insurance unit to December 18, KB said in a statement on Wednesday.

KB’s board was to have decided on the purchase at Wednesday’s board meeting, a deal that could be valued at more than $2 billion, sources previously told Reuters.

The board discussed the acquisition of ING’s South Korean insurance unit after receiving reports from officials on Wednesday but decided to resume discussions at the later date due to the importance of the matter and extensive amount of information, the company said.

KB declined to disclose any other details, citing the confidential nature of the discussions. (Reporting by Joyce Lee; Editing by Muralikumar Anantharaman)

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