- ING Life Korea is sold to MBK Partners - a Korean P-E firm - for a total price of about €1.27B. ING will book an after-tax loss of about €1.0B, of which €950M was already recorded in Q3 results.
- The bank continues to hold a 10% indirect stake in the business valued at about €80M.
- The sale continues ING's unloading of noncore businesses as it agreed to do under the terms of its financial crisis bailout.
ING closes sale of Korean insurance business
Dec 24 2013, 07:20 ET