Friday April 19,2013,
ING announced today it has agreed to sell its 49% stake in Korean insurance venture KB Life Insurance Company Ltd. (KB Life) to joint venture partner KB Financial Group, one of Korea’s leading financial institutions.
Under the terms of the agreement, ING will receive a total cash consideration of KRW 166.5 billion (approximately EUR 115 million at current exchange rates) for its 49% stake in KB Life. The transaction announced today is not expected to have a material impact on ING Group results. Subject to regulatory approval, it is expected to close in the second quarter of 2013.
The transaction announced today is part of ING’s earlier announced process to divest ING’s insurance and investment management businesses. The process to divest the remaining insurance and investment management businesses in Asia, including ING Life Korea and ING’s funds management business in Korea, is on-going. Any further announcements will be made if and when appropriate. Today’s announcement does not affect ING’s Commercial Banking activities in South Korea.
KB Life was established in 2004 and has grown to be a leading multi-channel life insurance company in Korea, offering savings, annuities and protection products for Korean individuals and families.
KB Financial Group, one of Korea’s leading financial institutions, is active in Korea in a range of financial services, including banking, credit cards, securities, life insurance, asset management and venture capital. In February 2013 ING Group announced it had sold the 5% stake it had in KB Financial Group in a block trade to institutional investors.