ING, Kookmin form life insurance venture

ING Group has agreed to take a 49 per cent stake in a life insurance company being formed in South Korea by Kookmin Bank, the financial institution said yesterday.

Kookmin will hold 51 per cent in KB Life, which will be the third joint venture between the two companies in the Korean market.

The agreement is subject to regulatory approval, ING said.

The amount of money being invested was not disclosed, but an ING spokeswoman said it 'wasn't material for the transaction'.

The joint venture will focus on bancassurance and will offer life insurance and wealth management products through Kookmin's network of more than 1,100 branches.

The assets and liabilities of Hanil Life Insurance, which was acquired by Kookmin in April for 2.5 billion won (HK$16.79 million), will be transferred to KB Life.