ING Closes Sale Of ING Life Korea To MBK Partners

(RTTNews) - Dutch financial services firm ING Groep NV (ING) announced Tuesday that it has completed the divestment of its wholly-owned life insurance business in South Korea, ING Life Korea, to private equity firm MBK Partners for a total purchase price of about 1.27 billion euros.

The transaction has resulted in an after-tax loss for ING Group of about 1.0 billion euros, of which 950 million euros was recorded in ING Group's Third Quarter 2013 Results as published on 6 November 2013.

As per the terms of the agreement and as previously announced, ING (through ING Insurance), will hold as of the completion of the transaction with MBK an indirect stake of approximately 10% in ING Life Korea, equivalent to an amount of approximately 80 million euros.

In Late-August, ING Groep NV said it had reached an agreement to sell ING Life Korea to MBK Partners for about 1.84 trillion Korean won or 1.24 billion euros at current exchange rates ($1.66 billion).

Established in 1987, ING Life Korea is South Korea's largest foreign life insurer. It has 1.3 million customers, over 1,000 employees and about 6,800 tied agents.