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ING closes sale of Korean insurance business

  • 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.
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