May 22, 2012 / 4:40 AM / in 6 years

KB Financial says bid for ING's South Korea insurance business

SEOUL (Reuters) - South Korean bank holding firm KB Financial Group (105560.KS) has submitted a bid for ING Groep NV’s ING.AS South Korean life insurance business, KB Chairman and Chief Executive Officer Euh Yoon-dae said on Tuesday.

    ING sent out a dozen information memorandums for its insurance business, worth about $6.5 billion to $7 billion, which spans Southeast Asia and includes operations in Japan and South Korea.

    Euh, speaking to Reuters on the sidelines of a conference, did not comment on specifics such as how much ING’s South Korean business might cost and whether the firm may join a consortium.

    He said the firm was waiting for details on how the next round of bids would proceed.

    Reporting by Se Young Lee; Editing by Jacqueline Wong

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