KB FinancialGroup Inc. ruled out bidding for ING Life Insurance Korea Ltd., in an auction processthat may draw interest from Chinese companies.
The company does not have enough capacity to pursue anotheracquisition, because it recently signed a deal to a controlling stake inHyundai Securities Co.Ltd.
Lee's comments came after The Asia Business Daily on April 27 quoted investment bankingindustry sources as
A spokesman for MBK Partners declined to comment on thereport.
Lee said KB Financial did not receive any documents fromMorgan Stanley, and the group is not ready to go after another major deal.Earlier in April, KB Financial agreed to buy a 22.56% stake in Hyundai Securities for1.250 trillion won.
KB Financial, along with Anbang Insurance Group Co. and
Anbang is in the process of acquiring Allianz Group's South Korean insurance and assetmanagement businesses. The deal is subject to regulatory approval.
As of April 26, US$1was equivalent to 1,148.00 South Korean won.