The Tong Yang Life Insurance-led consortium has offered KRW2.15t ($1.86bn) for 100 per cent of the unit, said Reuters.
Other suitors include Private equity-backed Korean insurance company Kyobo, which bid for the company last month, private equity firms MBK Partners and CVC Capital and South Korea’s second largest insurer Hanwha.
Kyobo is backed by Ontario Teachers’ Pension Plan, Singapore sovereign wealth fund GIC and buyout firm Affinity Equity Partners.
European regulators ordered ING to sell 50 per cent of the insurance group this year and divest of the remaining stake by 2016, but it is looking to sell as much as possible, said Reuters, citing sources familiar with the matter.
KB Financial offered $2.1bn for the business last year, but the bid was rejected by its directors on the grounds that it was too risky.
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