The FINANCIAL -- ING has completed the divestment of ING Life Korea to MBK Partners, a Korean private equity firm, for a total purchase price of approximately EUR 1.27 billion, according to ING Groep N.V.
In line with the announcement of 26 August 2013, the transaction has resulted in an after-tax loss for ING Group of approximately EUR 1.0 billion, of which EUR 950 million was recorded in ING Group’s Third Quarter 2013 Results as published on 6 November 2013.
Under the terms of the agreement and as previously announced, ING (through ING Insurance), will hold as of the completion of the transaction with MBK an indirect stake of approximately 10% in ING Life Korea, equivalent to an amount of approximately EUR 80 million, according to the ING Groep N.V.
Established in March 2005, MBK Partners is the largest private equity firm in Korea and one of the largest private equity groups in the Asia-Pacific region, with over USD 8 billion in capital under management. MBK Partners is a long-term investor and is committed to advancing the development of the financial services industry in its markets.