ING takes 49% in KB Life

The Dutch Bank joins forces with Kookmin to establish a bancassurance channel.

Following the successful introduction of bancassurance to South Korea in August 2003, ING group has bolstered its presence in the life insurance market by purchasing a 49% stake in KB Life. Along with Kookmin Bank, ING Group will utilise the KB Life name to provide a unique platform that will be dedicated to bancassurance.

The deal is still subject to regulatory approval and the transaction is expected to be completed in the third quarter of 2004....

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