MBK Partners Ltd. is an Asian buyout company which was formed by ex-Carlyle Group executives. The former bought the South Korean insurance unit of ING Groep NV. This was ING's second sale attempt within the year. The acquisition deal was priced USD1.7 billion.

MBK would pay the deal in cash while ING would get an indirect 10% stake in ING Life Insurance Korea Ltd. The stake was valued KRW120 billion according to a statement issued by ING today. The company operations in South Korea would continue under the ING brand. This would last for five years, the company added.

 According to a Seoul-based analyst at Korea Investment & Securities Co., Lee Chul Ho, "Maintaining the ING brand will be a big help to MBK." "MBK should ponder its strategy to restructure the insurer amid this low-growth, low-rate era for its exit some day. As the South Korean economy is facing slower growth, it's the agenda for every insurer here," he added.