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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