UPDATE 1-ING sells stake in Chinese investment firm for 98 mln euros

Mon Oct 8, 2012 8:23am EDT

Related Topics

(Adds detail, background)

AMSTERDAM Oct 8 (Reuters) - Dutch bank and insurance group ING said on Monday it has agreed to sell its 33.3 percent stake in Chinese investment management firm China Merchants Fund for 98 million euros ($128 million) to the two other joint venture partners.

The financial services group is in the process of selling its Asian investment management and insurance operations as it seeks to repay state aid and meet European requirements for its 2008 state bail-out.

The Chinese divestment will result in a net gain of 64 million euros, ING said in a statement. The Dutch group could raise around $7 billion from the whole Asian insurance sale.

China Merchants Bank Co Ltd and China Merchants Securities Co Ltd are the buyers of ING's stake in the Chinese investment business, which has a market share of about 3 percent in the Chinese mutual funds market, ING said. (Reporting by Gilbert Kreijger; Editing by Sara Webb)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

A tourist takes a plunge as she swims at Ngapali Beach, a popular tourist site, in the Thandwe township of the Rakhine state, October 6, 2013. Picture taken October 6, 2013. REUTERS/Soe Zeya Tun (MYANMAR - Tags: SOCIETY) - RTR3FOI0

Where do you want to go?

We look at when to take trips, budget considerations and the popularity of multigenerational family travel.   Video