Kyobo Life Considering Buying ING's Asia-Pacific Operations - Report

Date : 04/01/2012 @ 9:35PM
Source : Dow Jones News
Stock : Ing Grp., N.V. (ING)
Quote : 18.06  0.01 (0.06%) @ 2:25PM

Kyobo Life Considering Buying ING's Asia-Pacific Operations - Report

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Kyobo Life Insurance Co. is considering acquiring ING Groep N.V.'s (ING) Asia-Pacific operations as part of its expansion strategy, the Maeil Business Newspaper reported Monday citing unnamed official at the South Korean company.

Kyobo Life is contacting several investment banks for a lead manager and next week plans to request proposals from possible candidates, the report quoted the official as saying.

KB Financial Group Inc. (105560.SE) and Samsung Life Insurance Co. (032830.SE) are also interested in ING's insurance assets, the report said.

Newspaper website: http://www.mk.co.kr

-By Seoul Bureau, Dow Jones Newswires; 822-3700-1900; djnews.seoul@dowjones.com

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