SEOUL, May 24 (Reuters) - South Korea’s unlisted Kyobo Life Insurance Co Ltd has made a bid for a controlling stake in ING Groep NV’s South Korean insurance unit, a spokesman for Kyobo Life said on Friday.
“After conducting due diligence, Kyobo decided to participate as we saw a chance for new growth momentum as well as opportunities for synergy from (the ING unit‘s) client base and sales channels,” the spokesman said.
He declined to give further details about Kyobo’s bid.
ING Groep NV came to an agreement with European regulators in November to sell more than 50 percent of its Asian operations by the end of 2013, as part of ING’s wider Asia divestment programme to repay its 10 billion euro state bailout received during the global financial crisis. [ID:ID:nL5E8MJ227] ($1 = 0.7751 euros) (Reporting by Joyce Lee; Editing by Daniel Magnowski)