KB Financial delays decision on whether to buy ING Life Korea

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KB Financial delays decision on whether to buy ING Life Korea

KB Financial Group’s board of directors delayed a decision to buy ING Group NV’s Korean life insurance unit, postponing a deal that would be KB’s biggest takeover.

The board, after being briefed further by management, will meet again on Dec. 18 to discuss the acquisition, KB said Wednesday. ING agreed to sell the unit for about 2.3 trillion won ($2.1 billion), lower than a previously agreed 2.45 trillion won, The Wall Street Journal reported Wednesday.

KB, the owner of Korea’s biggest bank, joined a race to buy ING’s assets in the country in July as part of Chairman Euh Yoon-dae’s attempt to cut reliance on lending.

Bloomberg

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