Industry Newsroom

ING to Sell ING Life Korea to MBK Partners (Asia)

Global financial institution ING has reached an agreement to sell ING Life Korea, its wholly owned life insurance business in South Korea, to North Asia-focused private equity firm MBK Partners for a total purchase price of about KRW1.8 trillion (approximately US$1.6 billion). Of the total purchase price, MBK will reportedly fund KRW800 billion (approximately US$712.2 million), with the rest borrowed from financial institutions. Following the transaction, ING will hold a ten percent indirect stake in ING Life Korea, and MBK Partners will continue to use the ING brand for the next five years. The transaction is subject to regulatory approval.