SEOUL -(Dow Jones)- South Korea's KB Financial Group Inc. (105560.SE) and Korea Life Insurance Co. (088350.SE) submitted separate bids to buy ING Groep N.V. (ING)'s Korean life insurance operations, Edaily reported on its website Saturday, citing unnamed financial industry sources.
The two local financial companies submitted a letter of intent Friday, confirming their earlier interest in the insurer, the report said, without elaborating.
Unlisted Korean life insurer Kyobo Life Insurance Co., which also expressed interest, didn't submit a bid Friday, according to the report.
-By Seoul Bureau, Dow Jones Newswires; 822-3700-1900; firstname.lastname@example.org
(END) Dow Jones Newswires
May 19, 2012 01:44 ET (05:44 GMT)
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