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