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December 26, 2013updated 13 Apr 2017 8:37am

ING divests South Korean insurance business to MBK Partners

Netherlands-based financial conglomerate ING has concluded the sale of its South Korean insurance business ING Life Korea to Seoul-based private equity firm MBK Partners for EUR1.27bn ($1.7bn).

By Verdict Staff

ING said that the deal resulted in approximately EUR1bn after-tax loss of which EUR950m was recorded in its third quarter 2013 results on 6 November 2013.

Following the completion of transaction, ING (through ING Insurance) will hold an indirect stake of approximately 10% in ING Life Korea which values approximately EUR 80m.

MBK Partners is a private equity group in South Korea with over USD 8 billion in capital under management.

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