Samsung unenthusiastic about ING

By Oh Young-jin

Samsung Life is not particularly interested in taking over ING Life’s Asia-Pacific operations, industry sources said Friday.

“ING expanded a great deal during the IMF crisis in 1997-1998,” one source said on condition of anonymity. “That means that a lot of products they sold at that time are not structurally advantageous.”

He said that it is unlikely that Samsung will form an alliance or consortium with other firms for a takeover of ING operations.

Samsung reported to the Korea Exchange that it was looking at ING’s sale of its Asia-Pacific operations but added that nothing has been decided about whether it will make a bid for the part of ING’s regional operations or those in its entirety.

Euh Yoon-dae, chairman of KB Financial, said during an earlier interview that he was interested in ING Life in Korea and didn’t rule out the possibility of allying with Samsung Life for the acquisition.

A source said that it was too much for Samsung to take over ING’s interests in the region, estimated at 20 trillion won or its Korean operations, the area’s biggest at 4 trillion won.

Samsung officials said that there has been no contact between their firm and KB about a joint bid.

“I know KB wants us to take over the rest of ING’s Asia-Pacific operations but Euh’s remarks have nothing to do with us,” the source said.

Korea Life is also interested ING. If it buys ING, it would become the second largest company in its sector after Samsung, moving ahead of current No. 2 Kyobo.