Shinhan Financial close to buying ING Life Insurance

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Shinhan Financial close to buying ING Life Insurance

Shinhan Financial Group is in the final stage of talks to acquire ING Life Insurance, the group’s chairman said on Tuesday. Chairman Cho Yong-byoung of Shinhan told reporters that it has been nine months since it negotiated with MBK Partners to buy a 59.15 percent stake in the life insurance unit.

The price has still not been decided. Multiple media outlets reported that Shinhan and MBK are at odds over the price of ING, as MBK is pushing for around 2.4 trillion won ($2.1 billion). Shinhan is reportedly requesting a price of around 2 trillion won. Cho explained that the move is aimed at bolstering non-banking sectors of the financial group, since the majority of its revenue comes from its flagship banking unit, Shinhan Bank.

By Park Eun-jee

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