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Shinhan Financial to buy ING's ex-South Korean unit for $2.1 billion

SEOUL (Reuters) - South Korea's Shinhan Financial Group <055550.KS> said on Wednesday that it has decided to buy a 59.15 percent stake in Orange Life Insurance, a former unit of ING Groep (INGA.AS) for 2.2989 trillion won (£1.60 billion).

In 2013, South Korea's private equity firm MBK Partners had bought the insurer from ING Groep for 1.84 trillion won, and in 2017 sold part of its stake in an initial public offering.

($1 = 1,114.8000 won)

(Reporting by Hyunjoo Jin; Editing by Darren Schuettler)