Under the terms of the agreement, ING is set to hold an indirect stake of approximately 10 percent in ING Life Korea for an amount of KRW 120 billion (EUR 80 million at current exchange rates). ING has also reached a licensing agreement that is set to allow ING Life Korea to continue to operate under the ING brand for a maximum period of five years. In addition, over the course of one year, ING is set to continue to provide technical support and advice to ING Life Korea. The transaction is expected to result in an after-tax loss for ING Group of approximately EUR 950 million, to be booked in Q3 2013. The transaction is subject to regulatory approvals and is expected to close in Q4 2013. Established in March 2005, MBK Partners focuses on buyouts in Korea, Japan and China and is registered with the Financial Supervisory Commission as a domestic private equity firm in Korea. With offices in Seoul, Tokyo, Shanghai and Hong Kong, MBK Partners has 20 investee companies in its portfolio. The company has a track record of investments in financial services, including a bank, an insurance company, a leasing company and a consumer financing company in Korea and China. In recent news, ING Bank of Canada, a wholly owned subsidiary of The Bank of Nova Scotia and operating under the trade name of ING DIRECT, has launched a remote deposit service dubbed Cheque-In as part of its existing mobile application.
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