With a government announcement expected on Friday about Korean bancassurance regulations, ING and Kookmin have announced that in addition to their existing bancassurance relationship, they will look to explore other business opportunities including acquisitions.
Speculation has centred on whether the two banks will make a 5050 joint bid for Hanil Life Insurance, which experienced problems during the financial crisis. It is currently controlled by the government via KDIC.
The top Korean bank and the Dutch multinational have enjoyed a relationship since the IMF crisis. ING currently owns 3.87% of Kookmin, while Kookmin has a 20% stake in ING Life Korea. However, if the two were to make a joint...
