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ING To Acquire 49% Stake In Korean Life Insurer

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NU Online News Service, June 2, 2004, 5:02 p.m. EDT – ING Groep N.V., Amsterdam, has agreed to buy a 49% stake in KB Life.[@@]

The price of the deal was not available.

Kookmin Bank, Seoul, is forming KB Life to manage the assets of Hanil Life Insurance Company. Kookmin acquired the assets of the insolvent life insurer in April from Korean insurance regulators.

KB Life will focus on selling life insurance and wealth management products through Kookmin’s 1,100 retail branches.

ING notes that it also plans to continue to do business in Korea through another Korean unit, ING Life Insurance Korea Ltd. Kookmin owns a 20% stake in ING Life Korea.