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Report: Shinhan Financial in final talks to buy ING Life majority stake

South Korea-based Shinhan Financial Group Co. Ltd. is in the final stage of discussions with MBK Partners Ltd. to acquire a 59.15% stake in Orange Life, previously known as ING Life Insurance Korea Ltd., Yonhap News Agency reported.

An unnamed Shinhan Financial senior executive said the South Korean financial holding company and MBK Partners have ironed out the details related to price but are still negotiating specific conditions, according to the report. MBK Partners reportedly wants Shinhan Financial to pay 2.3 trillion won for the stake, compared with the 2 trillion won that the financial holding company plans to shell out.

Shinhan Financial will hold a board meeting Sept. 5 to discuss the negotiation, according to the report.

ING Life changed its name to Orange Life, effective Sept. 3.

As of Sept. 3, US$1 was equivalent to 1,111.16 South Korean won.