January 20, 2017 / 10:48 AM / 3 years ago

MBK Partners-backed ING Life Korea plans $1 billion IPO this year: IFR

HONG KONG (Reuters) - ING Life Korea, backed by private equity firm MBK Partners, plans to raise more than $1 billion in an initial public offering in 2017, IFR reported on Friday, citing a person close to the deal.

The IPO is likely to take place in the second quarter or later in the year, IFR, a Thomson Reuters publication, said. Morgan Stanley (MS.N) and Samsung Securities are advising on the deal, IFR said.

A spokesman for MBK in Seoul said ING Life had already said it was looking at various options including an IPO or outright sale.

ING Life, Morgan Stanley and Samsung Securities did not immediately reply to a Reuters request for comment on the listing plans.

Chinese firms including China Life Insurance (601628.SS) and China Taiping Insurance (0966.HK) had expressed interested in buying the company, Reuters previously reported.

Reporting by Robert Hartley; Additional reporting by Joyce Lee in Seoul; Writing by Elzio Barreto. Editing by Jane Merriman

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