ING to sell South Korean insurance arm for 2.1 billion

The Hague - Dutch banker ING on Monday said it was selling it South Korean insurance arm ING Life Korea to the Asian country's largest private equity firm MBK Partners in a deal worth 1.24 billion euros (S$2.1 billion).

"This transaction is a major step in the divestment of our Asian insurance and investment management activities," the Amsterdam-based ING said in a statement.