ING has sold its 49 per cent stake in a insurance joint venture with Korea's KB Financial Group.

KB Financial is the firm's JV partner in KB Life Insurance Company. Under the terms of the deal, ING will receive KRW166.5 billion ($149 million) for the transaction, which is expected to close at the end of the second quarter of 2013.

ING declared in 2012 that it is letting go of its non-core insurance and investment management businesses. In a statement, the firm said that the latest transaction will not have any material impact on its banking activities in South Korea. It comes shortly after ING finalised the divestment of its Malaysian investment management business to Kenanga Financial.

Meanwhile, KB Financial appears to be bulking up on its wealth management capabilities. In February, KB Kookmin Bank, its banking subsidiary, forged a partnership with Swiss wealth manager Lombard Odier to offer a wider range of specialised wealth management services to local clients.