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Unionized workers of ING Life Korea were to put an end to their near five-month strike later on Monday as KB Financial Group Inc., South Korea’s No. 2 banking group, withdrew its plan to acquire the local unit of ING Group, sources said.
ING Life Korea workers started an indefinite strike in July, calling for better working conditions, which include job guarantees after a possible acquisition.
The end came as the board of KB Financial Group turned down a company plan to take over the local life insurance unit of ING Group on Tuesday.
KB Financial has been trying to win board approval since it was selected as the preferred bidder for ING Life Korea in September but failed to receive the nod due to strong opposition from some outside directors.
The strike, which lasted for 144 days, marks the longest walkout among local insurers since 2008, when Allianz Life Insurance Co. went on a lockout for 234 days. (Yonhap News)
ING Life Korea workers started an indefinite strike in July, calling for better working conditions, which include job guarantees after a possible acquisition.
The end came as the board of KB Financial Group turned down a company plan to take over the local life insurance unit of ING Group on Tuesday.
KB Financial has been trying to win board approval since it was selected as the preferred bidder for ING Life Korea in September but failed to receive the nod due to strong opposition from some outside directors.
The strike, which lasted for 144 days, marks the longest walkout among local insurers since 2008, when Allianz Life Insurance Co. went on a lockout for 234 days. (Yonhap News)
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Articles by Korea Herald
