KB Financial Group chairman Euh Yoon-dae expressed his willingness to collaborate with Samsung Life Insurance to take over ING Life’s Asia-Pacific operations.
“ING Life is operating seven or eight units in the Asia-Pacific region. We have no capability to buy all of them,” he told reporters on Wednesday.
If ING Life sells off only the ING Korea unit, KB Financial could participate in the coming bidding as a single bidder, he said.
But if the company chooses to sell its entire Asia-Pacific operations, KB Financial will have to seek a bidding partner, he added.
“Should Samsung Life propose the joint bid, we intend to accept it.”
There are speculations that Euh will pay a visit to the headquarters of ING Group in the Netherlands next month.
ING Group recently clarified its business policy to sell its insurance operations in the Asia-Pacific region, citing global economic uncertainties.
As ING Life holds the position of fifth or sixth in the local market, heated competition is expected when it is put up for sale.
By Kim Yon-se (
kys@heraldcorp.com)
