By Karlee Weinmann ( June 27, 2013, 1:16 PM EDT) -- Dutch insurer ING Groep NV is edging toward the sale of its Korean life insurance branch which could stage one of the biggest deals of the year in South Korea, The Wall Street Journal reported on Thursday. The unit is South Korea's fifth-largest insurer and has drawn interest from rival Tyongyang Life Insurance Co. Ltd., which has lobbed a $1.7 billion bid at the company to make it the front-runner for exclusive negotiation rights. Asia-focused private equity firm MBK Partners offered slightly less for a 90 percent stake in the company before bidding closed late last month, but could be forced out of the running soon. The likely transaction will help ING meet a condition tied to a Dutch government bailout in 2008 that requires it to divest more than half its Asian life insurance business....
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