KB Financial Group, one of the four largest wealth managers by assets, has reached the final stages of discussions with Dutch insurer ING to acquire its Korean insurance unit in a deal estimated to be worth $2.2bn.

The Dutch underwriter is disposing its Asian asset management and insurance businesses for almost $7bn and plans to use the proceeds from the sale to repay the Dutch state aid.

The proposed sale is in line with restructuring requirements agreement with the European Commission, which was inked prior to receiving approval for a government aid. during the financial crisis in November 2008.

ING has sought a price of around KRW3.5 trillion ($3.1bn) for the Korean underwriting arm, but finally agreed to divulge it at KRW2.6 trillion ($2.2bn), according to the report.

As per the latest company filing, ING manages approximately EUR43.3bn ($56.1bn) of assets in the Asia-Pacific region with operations mostly concentrated in China, Hong Kong, India, Japan, Malaysia, South Korea and Thailand.

South Korean and Japanese operations account for about two thirds of its business.