ING to sell stake in Korea's KB Financial

ING is looking to divest several businesses in Asia, including its stake in KB Financial.

This is to help repay a 10 billion euro state bailout received during the global financial crisis.

The Dutch group's remaining stake of around 5 percent in South Korea’s KB Financial Group Inc is valued at up to US$675 million.

The Dutch company is the second-biggest shareholder in KB Financial, the parent of South Korea’s top lender Kookmin Bank. South Korea’s National Pension Service is the top shareholder with 8.2 per cent.

ING is offering 19.4 million shares between 37,480-37,750 won each, said IFR, a Thomson Reuters publication. That represents a discount of up to 1.4 per cent to today’s close of 38,000 won.

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