June 27, 2013 / 8:21 AM / 4 years ago

Tong Yang consortium chosen as preferred bidder for ING's S.Korean unit-report

SEOUL, June 27 (Reuters) - A consortium formed by Tong Yang Life Insurance Co Ltd has been chosen as the preferred bidder to acquire ING’s South Korean insurance unit, a South Korean media outlet reported on Thursday.

Local online outlet Money Today said Tong Yang Life, backed by private equity fund Vogo Investment, and its consortium made a bid to acquire 100 percent of the ING unit for 2.15 trillion won ($1.86 billion).

ING’s South Korean unit attracted a total of four bids in May, including that of private equity firm MBK Partners, Hanwha Life Insurance Co Ltd and Kyobo Life Insurance Co Ltd, sources previously told Reuters.

A source with direct knowledge of Vogo’s operations said Vogo had yet to hear whether the Tong Yang consortium was chosen as the preferred bidder for ING and declined to comment on the bid price. Representatives for ING could not be reached for comment.

Reporting by Joyce Lee; Editing by Matt Driskill

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