Global financial institution ING has reached an agreement to sell ING Life Korea, its wholly owned life insurance business in South Korea, to North Asia-focused private equity firm MBK Partners for a total purchase price of about KRW1.8 trillion (approximately US$1.6 billion). Of the total purchase price, MBK will reportedly fund KRW800 billion (approximately US$712.2 million), with the rest borrowed from financial institutions. Following the transaction, ING will hold a ten percent indirect stake in ING Life Korea, and MBK Partners will continue to use the ING brand for the next five years. The transaction is subject to regulatory approval.