SEOUL, KOREA - Citi Venture Capital International, Europe's largest private equity fund firm, has given up on the quest to acquire ING Life's Korean unit. It leaves other contenders, including Hanwha Life, MBK Partners, and Tongyang Life, to vie for the life insurer.
According to investment banking sources on May 20, Citi Venture Capital has recently recalled its due diligence team from ING Life Korea. Korea Exchange Bank, the bank that was supposed to lend money to Citi Venture Capital to take over ING Life, has also switched its financial partner to Vogo Fund.
It was reported that Citi Venture Capital had earlier proposed to Hanwha Life to form a consortium to which Hanwha refused as it has already ties with Q Capital. Meanwhile, Tongyang Life has joined hands with Vogo Fund.
As the deal is protracted, ING Life Korea's selling price is expected to go further down. Last year, KB Financial Holdings offered a price of 2.2 trillion won. ING Life Korea's operating profit ratio in fiscal year 2012 was 5.82 percent, down 1.07 percentage points lower than the previous year's 6.89 percent.
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