September 12, 2012 / 2:00 AM / 5 years ago

KB's talks to buy ING South Korea unit to continue until next week

SEOUL (Reuters) - KB Financial Group Inc (105560.KS) Chairman Euh Yoon-dae said talks with ING Groep NV ING.AS to buy the Dutch bank and insurer’s South Korean insurance unit are still ongoing.

“Negotiations are expected to continue until next week,” Euh told reporters on Wednesday, in reply to a question about its bid to acquire the ING insurance unit.

    Euh said he hopes the deal will be concluded in two or three weeks but declined to give details of the negotiations.

    Last week, South Korean media reported that KB Financial is expected to agree to buy ING’s domestic insurance business in a deal worth at least $2.2 billion.

    Reporting by Joyce Lee; Writing by Denny Thomas; Editing by Ryan Woo

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