JC Flowers circles ING Asia assets - report
US private equity firm J.C. Flowers is said to be considering a bid for the Asian insurance assets being sold by ING Group.
Two sources told Bloomberg that J.C. Flowers is particularly interested in ING's Japan-based assets.
ING's Asian life insurance businesses - which include operations in South Korea, China, India, Malaysia, Thailand and Japan - have been valued at EUR5-6 billion ($6.6-7.9 billion) in the past.
It was reported in January that Hong Kong-based AIA Group, was also considering a bid for the units, while J.C. Flowers could also come up against competition from European insurer Axa, as well as Korea Life Insurance, Samsung Life Insurance and KB Financial Group.
Sources said in January that ING could approach global insurers such as Prudential Financial, MetLife and Ping An Insurance Group to gauge their interest as well.
J.C. Flowers is additionally said to be mulling whether to attempt to buy Royal Bank of Scotland's Direct Line Group insurance business when it is put on the block.
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