ING Groep NV, the Dutch bank and insurance group announced that it had agreed to sell its 49% shareholdings in KB Life, the Korean insurance company. The sale of its shareholdings to its joint venture partner KB Financial Group is for a total sum of KRW166.5 million or US$148.2 million.
Under the agreement terms, ING would receive cash in the amount of KRW166.5 billion. The transaction is not expected to materially impact on the ING Group reporting results. The transfer is subject to regulatory approval and is expected to be completed by the second quarter of 2013.
This transaction is part and parcel of the divestment process of ING's insurance and investment management business in Asia, such as ING Life Korea and other funds management businesses in Korea.
KB Financial Group is one of the top financial institutions and is quite active in a range of financial services in the country.
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