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Report: Shinhan Financial drops plan to acquire majority stake in ING Life

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Report: Shinhan Financial drops plan to acquire majority stake in ING Life

South Korea's Shinhan Financial Group Co. Ltd. dropped its plan to acquire a majority stake in ING Life Insurance Korea Ltd. due to differences over acquisition terms and price, Maeil Business News Korea's Pulse reported May 31, citing sources.

The sources said the group withdrew from talks with private equity firm MBK Partners Ltd. for a deal. The report came after The Korea Times reported earlier this month that Shinhan Financial's 2.5 trillion won bid for a majority stake in ING Life was put on hold after MBK Partners demanded the group to pay more. MBK Partners owns a 59.15% stake in ING Life.

The group and MBK Partners agreed to suspend the talks due to their differences over sales terms and price, the sources noted.

The development also came after The Korea Times reported that Shinhan Financial, KB Financial Group Inc. and Hana Financial Group Inc. were interested in acquiring stakes in other life insurers, including TONGYANG Life Insurance Co. Ltd. and ABL Life Insurance Co. Ltd. Industry sources believe the availability of more acquisition options could be the reason behind Shinhan Financial's decision to drop its plan to acquire a majority stake in ING Life.

As of May 30, US$1 was equivalent to 1,080.08 South Korean won.