SEOUL -- South Korean private equity firm MBK Partners is seeking up to 1.3 trillion won ($1.2 billion) by listing ING Life Insurance on the Seoul stock market, after failing to sell the insurer to Chinese parties due to rising political tension between the two countries.
The main building of ING Life Insurance in downtown Seoul (Photo provided by the company) MBK said last week it plans to float 33.5 million shares, or a 40.85% stake, in ING Life at between 31,500 won and 40,000 won per share. MBK bought the whole of ING Life from Dutch financial company ING for 1.8 trillion won in 2013. Both parties agreed to keep the name of the insurer for five years after the transaction.
