ING parts way with most of its activities in Korea

The Dutch group ING sold its South Korean subsidiary ING Life Korea to MBK Partners, a transaction worth 1.24 billion EUR (1.63 billion USD). This cession results in a loss of 950 million EUR (1.25 million USD) in the third quarter accounts of the European insurer. ING still keeps 10% shares in its former subsidiary in order to take advantage of its growth potential.

ING Life Korea is the fifth largest life insurer in the country. Since 2008, the Dutch bank insurer has had to part with many assets on all continents in order to benefit from the10 billion EUR (13.2 billion USD) bailout plan of state aid offered by Brussels.