ING raises $671 million from sale of KB Financial stake

The deal is done at a tight 1.4% discount and comes after the Dutch group fails to sell its insurance businesses in Korea.

ING Group last night sold its 5% stake in Korea’s KB Financial Group through a block trade, raising W727.11 billion $671 million. KB Financial is the holding company for Kookmin Bank, the largest bank in Korea by asset value.

The sale was expected, particularly since the Dutch bank and insurance company has announced that it intends to divest its 49% stake in KB Life Insurance, which is a joint venture with KB Financial. It was also in discussions last year to sell its own life insurance business in Korea to KB Financial for $2.1 billion, although that deal fell through in December.

ING is also in...

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