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ING BARINGS DROPS PLAN FOR MORE INVESTMENT IN KOOKMIN BANK.
SEOUL, July 1 Asia Pulse - Dutch financial group ING Barings has reportedly shelved its plan to make an additional capital investment in Kookmin Bank (KSE:23130), South Korea's largest commercial bank.
Banking sources said Tuesday ING Barings' move is due to a recent government decision not to give commercial banks the exclusive right to sell the products of a single insurance company.
Announcing the revised decree on the insurance law, the Ministry of Finance and Economy banned financial institutions with assets of 2 trillion won (US$1.68 billion) or more from selling more than 50 percent of products offered by a single insurer.
The ministry rewrote the decree to allow "bancassurance," namely the sale of insurance products at commercial banks.
The sources said ING Barings had planned to acquire an ...
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- Press release article from: PR Newswire February 12, 1999 700+ words
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SEOUL, March 23 (Yonhap) -- Kookmin Bank, South Korea's biggest lender, agreed...nation. In the preliminary agreement, Kookmin Bank will purchase a 64.62 percent stake...previously thought," Kang Chung-won, Kookmin bank's CEO, said during a press conference...
- ING-Barings Invests 2.5 Million Euros in GlobalSign.
- Press release article from: PR Newswire May 26, 1999 700+ words
...investment of 2.5 Million euros from ING-Barings to support the continued rollout of...This latest increase in capital through ING-Barings follows an 8% shareholding investment...Datamonitor be worth $1.8 billion by 2001. ING-Barings has invested at this stage based on...