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