ING sells SK unit to PE firm for US$1.6b
Print Edition
Dutch banker ING is selling its South Korean life insurance arm ING Life Korea to private equity firm MBK Partners in a deal worth 1.24 billion euros (US$1.6 billion), it said yesterday.
MBK Partners is the biggest private equity business in South Korea.
“This transaction is a major step in the divestment of our Asian insurance and investment management activities,” Amsterdam-based ING said in a statement.
The deal is part of a drive by the company, the biggest bank in the Netherlands, to restructure its business as it sought to repay 10 billion euros in state aid, received in October 2008 during the financial crisis.
“Together with the scheduled payment of the next tranche ... to the Dutch state in November 2013, this will bring us closer to the end phase of the restructuring of our company,” ING chief executive Jan Hommen said.
The bank has already repaid over 10 billion euros and is set to pay three more installments each worth 1.1 billion euros by May 2015.
So far, ING has sold its insurance and investment businesses in Canada, Australia, New Zealand and Latin America and a large part of the same concerns in Asia under the restructuring, it said.
The global bank said late last year some 2,350 jobs are to be cut as part of the program.
ING said the deal would allow it to keep 10 percent in ING Life Korea and the company, which employs 1,000 people and serves 1.3 million clients, will continue to operate under the ING brand for five more years.
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