SEOUL, May 17: South Korea’s Samsung Life Insurance said on Thursday that it had decided not to bid for ING Groep’s Asia-Pacific insurance operation, saying the sales method was not in line with its strategy.
‘We considered the acquisition as part of our strategy to expand overseas business, but we have decided not to participate in preliminary bidding,’ Samsung Life said in a regulatory filing. The insurer added that it would reconsider a bid if there were changes to the sales method, without going into further detail.
(AGENCIES)
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