ING Group at the altar again in South Korea

ING Group has agreed to sell its South Korean life insurance business to local private equity firm MBK Partners for about Won1.84 trillion $1.6 billion, the Dutch group said on Monday.

We’ve heard that before. ING last year was in exclusive talks to sell the life insurer - called ING Life Korea - to KB Financial Group and, when that deal fell through, it was in similar talks with Vogo Fund earlier this year.

Much is at stake the clock is ticking and the price is dropping. The European Commission is forcing ING to sell its insurance business to repay the Dutch government for its bailout...