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ING receives three bids for Korean Life Insurer business

Netherlands-based financial conglomerate ING has received offers for its South Korean life insurance business from a Korean life insurer and two Seoul-based private-equity firms.

The three bidders include Kyobo Life Insurance Co and Seoul-based MBK Partners and Vogo Fund, which manages owns Tongyang Life Insurance Co.

Amsterdam-based company has informed that all the three potential bidders have expressed interest to purchase more than 51% stake of the business.

The company’s efforts to dispose of the business for $2.1bn to Seoul-based KB Financial Group fell apart in 2012.

During the financial crisis of 2008, the bank received state aid and inked an agreement with the Dutch government to divest all of its Asian insurance businesses.

ING provides banking, investments, life insurance and retirement services, with operations mostly concentrated in China, Hong Kong, India, Japan, Malaysia, South Korea and Thailand.