ING GROEP : ING completes sale of insurance units in Hong Kong, Macau, Thailand
02/28/2013| 09:12am US/Eastern
Amsterdam, 28 February 2013
ING announced today that it has completed the sale of its life insurance units in Hong Kong, Macau and Thailand to Pacific Century Group (PCG). The sale has resulted in a net transaction gain of approximately EUR 950 million, which will be reflected in ING's first quarter results.
As announced on 19 October 2012, ING received a total cash consideration of USD 2.14 billion (EUR 1.64 billion) for the life insurance, general insurance, pension and financial planning units in Hong Kong and Macau, and the life insurance operation in Thailand. The divestment is part of ING's intended divestment, as previously announced, of the Asian insurance and investment management activities. The process for the remaining insurance and investment management activities in the region is on-going and any further announcements will be made if and when appropriate.
ING Investment Management's fund management businesses in Hong Kong and Thailand are outside the scope of this transaction. The transaction completed today does not impact ING's Asian banking activities.