UPDATE: Korea Life, KB Financial Shortlisted In Bid For ING's Asia Life Insurance Operations - Sources
31 May 2012 - 2:15PM
Dow Jones News
Korea Life Insurance Co. (088350.SE) and KB Financial Group Inc.
(105560.SE) have been shortlisted in the bidding for ING Groep NV's
(ING) life insurance operations in Asia, people familiar with the
matter said on Thursday.
The price tag for the operations could potentially rise above $7
billion, according to analysts, meaning an eventual sale would be
one of the biggest insurance deals in the Asia-Pacific region
ever.
Korea Life and KB Financial were among several initial bidders,
including MetLife Inc. (MET) of the U.S., Canada's Manulife
Financial Corp. (MFC.T) and Hong Kong's AIA Group Ltd. (1299.HK),
people familiar with the matter have said.
The people said that while both Korean companies have made the
shortlist of bidders, KB Financial is bidding only for ING's Korean
operations.
The sales process allows for bidders to bid for only part of the
business, or all of it. KB Financial has been looking to expand its
non-banking business, especially its life insurance business, as it
relies heavily on its flagship banking unit Kookmin Bank for
revenue.
The Dutch bank has asked potential buyers of its Asian life
insurance operations to choose to bid for either the entire Asian
operations, the Korean operations, the Japanese operations, or the
Southeast Asian operations, one of the people told Dow Jones
Newswires.
-By Kanga Kong, Dow Jones Newswires; 822-3700-1900;
kanga.kong@dowjones.com
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