S. Korean watchdog rules out action against ING units

SEOUL, Oct. 20 (Yonhap) -- South Korea's financial regulator said Monday it would
not take any action against local units of ING Group following the Dutch
government's bailout of its parent company.
ING Group, the Netherlands biggest financial service firm, received 10 billion
euro from the Dutch government on Sunday after the insurance giant forecast its
third-quarter losses would reach a record 500 million euro amid continued global
financial turmoil.
"No special action will be taken against the assets and businesses of local ING
subsidiaries since the parent company was just granted a capital injection and
not ordered to cease operations," said an official of the Financial Services
Commission.
The Dutch banking and insurance giant operates three local subsidiaries ranging
from banking and insurance to assets management.
A local official at ING Life Insurance said all of ING's insurance contracts will
be protected.