ING said that it has received a total consideration of KRW166.5bn (EUR115m) for its 49% stake in KB Life and is expected that the transaction will not have a material impact on ING Group results.

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The deal is part of ING’s earlier announced process to divest the remaining insurance and investment management businesses in Asia, including ING Life Korea and ING’s funds management businesses in Korea.

Founded in 2004, KB Life operates as an insurance company in South Korea, which offers life insurance and wealth management products.

KB Financial Group is a South Korea-based financial institution that provides financial services, including banking, credit cards, securities, life insurance, asset management and venture capital.

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