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With more than 8,000 financial consultants and branch networks of partner banks offering insurance and insurance-related saving products, ING Life Korea is the largest foreign life insurer in Korea in terms of premium income.
ING Insurance Asia/Pacific?s regional chief executive officer, Ron van Oijen, who is also responsible for ING?s insurance operations in South Korea, said in a statement that ?Korea is an important market for ING and this acquisition further underlines our commitment to the development of the Korean life insurance market.?
On Dec. 19, ING reached an agreement with Kookmin Bank to acquire the remaining stake in ING Life Korea. The transaction was completed on Dec. 29.
In 1999, KB acquired 20% of ING Life Korea's shares as part of the overall strategic partnership. It then established KB Life Insurance in 2004. Three years later, it divested 5.1% of its shares in ING Life Korea to ING due to regulatory considerations disallowing KB to operate two life insurance subsidiaries in Korea. Under the joint venture agreement, KB decided to sell its remaining 14.9% stake in ING Life Korea to ING.
Both ING and KB Financial Group remain committed to their strategic partnership in Korea. Currently, ING holds 5.05% stake in KB Financial Group and 49% stake in KB Life Insurance Co.
Dutch-based ING is a global financial institution providing banking, investment, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 50 countries.
(By Rebecca Ng, Hong Kong news editor: Rebecca.Ng@ambest.com)
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