ING takes 49% of KB Life

The Dutch bank buys into bancassurance channel with Kookmin.

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 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.

KB Life entered the insurance market on June 1 and will draw on the Kookmin network of over 1,100 branches across Korea to sell premiums. The focus for both ING and Kookmin's third joint...

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