MBK picks Morgan Stanley to manage sale of ING's ex-S.Korean unit-report

Hanwha Life Insurance

17/02/2016 08:45

SEOUL, Feb 17 (Reuters) - Private equity firm MBK Partners 
has selected Morgan Stanley  MS.N  to manage the sale of ING 
Life Korea in a deal that could fetch more than 2 trillion won 
($1.63 billion), the Korea Economic Daily reported, citing 
investment banking sources. 
    In 2013, Dutch bank ING Groep  ING.AS  sold its South Korean 
insurance unit ING Life Korea to MBK Partners for 1.8 trillion 
as part of the restructuring the bank had to carry out to comply 
with the rescue package it received from the Dutch state during 
the 2008 financial crisis. 
    MBK Partners will decide the timing of the sales in the 
first quarter after conducting a feasibility study, the Korea 
Economic Daily said, citing the sources. 
    The report also added the country's leading insurers Hanwha 
Life Insurance  088350.KS  and Kyobo Life Insurance KYOBO.UL  
are seen as strong contenders for the sale, and Chinese and 
Taiwanese insurers are also potential candidates.  
    Representatives for ING Life Korea and MBK Partners declined 
to comment. 
  
 ($1 = 1,224.6000 won) 
 
 (Reporting by Hyunjoo Jin; Editing by Anand Basu) 
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters 
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net)) 
 
Keywords: ING GROEP MBK/