ING Investment Managers is in negotiations with Kookmin Bank to raise its stake in KB Investments, an asset management joint venture, says Garry Pieters, KB's vice president.
It demonstrates the overall commitment of ING Group to Korea, and to Kookmin, he says. We want to cement our relationship.
ING now owns 20% of KB Investments and wants to move that to 49%. Pieters declined to discuss valuation or other factors that will play into the negotiations.
While such a move would not have any impact on management or control issues, it would deepen ING's ability to cross-sell investment products. A recent bancassurance law will allow banks to...