The Financial Services Commission, the country’s highest financial decision maker, gave permission Wednesday for the acquisition of ING Life Korea by MBK Partners, the country’s largest private equity fund company.
The FSC approved the deal in a general meeting, presided over by chairman Shin Je-yoon.
Life Investment Corp. Ltd., run by MBK, sought to acquire 100 percent of the 8.2 million shares of ING Life Korea, a subsidiary wholly owned by ING Insurance International II B.V., the FSC said in a statement.
On Aug. 26, ING agreed to sell ING Life Korea, the country’s fifth-largest life insurance firm in terms of total assets, to MBK for approximately 1.84 trillion won ($1.75 billion).
