Cession of the insurance activity of the ING group in Asia

The South Korean groups Korean Life Insurance and KB Financial Group have shown their interest in the insurance operations of Dutch ING in Asia. They joined, thus, the American MetLife, he Canadian Manulife Financial Corporation and Hong Kong’s AIA Group in the takeover bid of ING. This transaction, which may be partial or total, has been estimated at nearly 5.6 billion EUR (6.9 billion USD).

KB Financial is solely interested in the operations of the Dutch insurer in South Korea. The European Commission has required that ING sell its insurance operations following the Dutch State’s injection of 10 billion EUR (12.4 billion USD) in the group’s capital.