MBK appoints advisor for ING South Korea bid - report
North Asia-focused buyout firm MBK Partners is said to have hired Barclays to advise on a bid for ING's South Korean life insurance business.
According to The Wall Street Journal, MBK appointed the bank earlier this week. The private equity firm is now one of a number of bidders for the asset, with South Korean insurance firms Hanwa Life Insurance, Kyobo Insurance and Vogo Capital-backed Tong Yang Life Insurance also interested.
Last year ING failed to sell the unit to KB Financial Group after 10 months of negotiations, during which the asking price was pushed down to $2.1 billion.
The sale is the latest in a number of Asian divestments being made by the Dutch financial services firm, which received a EUR10 billion ($13 billion) state bailout in 2008.
ING sold its Malaysia, Thailand and Hong Kong units last October for $3.9 billion. The Malaysia unit went to AIA Group while the latter two were picked up by Richard Li's Pacific Century Group for EUR1.64 billion.
The proceeds of the divestments are being used to repay the bailout. ING is still looking for a buyer for its Japan unit.
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