KB Financial moving to bid for local unit of ING Life

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KB Financial moving to bid for local unit of ING Life

KB Financial Group turned in its application to buy the Korean operation of ING Life yesterday, which is reported to be worth 3.5 trillion won ($3.05 billion).

AIA is also mulling making a bid for the nation’s fourth-largest insurance company to secure a stronger foothold in the market, according to industry sources. AIA has not officially confirmed its interest.

The primary bidder is expected to be selected by early next month at the latest.

KB Financial Group has repeatedly expressed its interest in buying the insurance company to enhance its nonbanking portfolio. More than 90 percent of the group’s revenue is covered by its flagship KB Kookmin Bank.

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