The Seoul-headquartered firm made the appointment this week in a sign that it is series about making an offer for the business according to the Wall Street Journal, which cited a person familiar with the situation.
WSJ had previously said other potential suitors for the unit include South Korea’s second and third largest insurers Hanwha Life Insurance and Kyobo Life Insurance.
Last year South Korean group KB made a $2.1bn offer which it later withdrew after its directors voted against the deal, saying it was too risky.
ING, which has already disposed of its units in Malaysia, Thailand and Hong Kong, also has operations in Japan.
Back in January MBK it was reported that MBK was considering making an offer for the unit.
Copyright © 2013 AltAssets