KB Financial in prime position to snap up local unit of ING

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KB Financial in prime position to snap up local unit of ING

Global insurance giant ING Group is expected to wrap up the selection of a preferred bidder for its Korean unit this month, the head of prospective buyer KB Financial Group said yesterday.

In mid-July, KB Financial, Korea’s No. 2 banking group, submitted a preliminary bid for ING Life Korea in an effort to beef up its nonbanking business.

“ING Life Korea is reportedly to call a board meeting soon,” Euh Yoon-dae, chairman of KB Financial, told reporters. “I think the process of selecting a prime bidder will be completed within the month.” Yonhap

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