ING to sell off South Korean insurance arm for $2 billion
THE HAGUE (AFP) - Dutch banker ING is selling its South Korean life insurance arm ING Life Korea to private equity firm MBK Partners in a deal worth 1.24 billion euros (S$2.1 billion), it said on Monday.
MBK Partners is the biggest private equity business in South Korea.
"This transaction is a major step in the divestment of our Asian insurance and investment management activities," the Amsterdam-based ING said in a statement.
The deal is part of a drive by the company, the biggest bank in the Netherlands, to restructure its business as it sought to repay 10 billion euros in state aid, received in October 2008 during the financial crisis.