Bidder for ING’s Korean unit to be selected during this week

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Bidder for ING’s Korean unit to be selected during this week

Global insurance giant ING Group is expected to wrap up the selection of a preferred bidder for its Korean unit this week, industry sources said yesterday.

Currently, KB Financial Group, Korea’s No. 2 financial group, and Hong Kong-based insurance giant AIA Group are vying to take over ING Life Korea.

Korea Life Insurance, the country’s second-largest life insurer affiliated with Hanwha Group, is likely to drop a bid for ING’s Korean unit on the arrest of the group’s chairman.

“ING Group is reportedly to call a board meeting this week,” said a source speaking on the condition of anonymity. “I think the process of selecting a prime bidder will be completed soon.”

Market watchers estimated KB Financial suggested a 3 trillion won price tag ($2.64 billion), lower than ING Group’s hopeful selling price of around 3.5 trillion won.

ING Group is trying to lure other prospective buyers, including AIA, into the race for the Korean deal, according to market watchers.Yonhap
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