Revised Terms and Conditions of Strategic Alliance with ING
2003-08-27On August 27, 2003, the Board of Directors has approved and ratified the revised terms and conditions of the strategic alliance agreement with ING Group.
The key summary of the revised agreement is as follows;
Exclusive alliance on bancassurance business has been revised as commercial relationship-based alliance.
ING is required to hold its current stake of 3.87%(12,716,691 shares) in Kookmin Bank.
Kookmin Bank and ING agreed to hold current mutual investment in ING Life Insurance Company, Korea Ltd. (20% owned by Kookmin Bank and 80% by ING Insurance International B.V.) and KB Investment Trust Management Ltd. (80% owned by Kookmin Bank and 20% by ING Insurance International B.V.) until the revised date of August 29, 2006 (previously, it was December 4, 2008).