Thursday March 7, 2013

Tong Yang eyes ING’s Seoul unit

SEOUL: The sale of ING Groep's South Korean unit is set to be revived after private equity-backed Tong Yang Life Insurance Co Ltd said it was considering whether to buy the business, which is valued at about US$2.1bil.

Last year, Dutch financial services firm ING failed to strike a deal with KB Financial Group Inc to sell the unit after negotiating for nearly 10 months, during which KB pushed down the price to about US$2.1bil. Reuters

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