ING completes sale of insurance businesses in Malaysia
ING announced today that it has completed the sale of its insurance operations in Malaysia to AIA Group Ltd. (AIA) with a net transaction gain of approximately EUR 750 million after tax. The sale includes ING's life insurance business, its market-leading employee benefits business and its 60-percent stake in ING Public Takaful Ehsan Berhad.
As announced on 11 October 2012, ING received a total cash consideration of approximately EUR 1.3 billion for the Malaysian insurance business. The sale is part of the previously announced intended divestment of ING's Asian insurance and investment management businesses. The process for the remaining Asian businesses is on-going. Further announcements will be made if and when appropriate.
ING Investment Management's funds management business in Malaysia is outside the scope of this transaction. The transaction announced today does not impact ING's Asian banking activities.
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ING is a global financial institution of Dutch origin, offering banking, investments, life insurance and retirement services to meet the needs of a broad customer base. Going forward, we will concentrate on our position as an international retail, direct and commercial bank, while creating an optimal base for an independent future for our insurance and investment management operations.
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Source: ING Group via Thomson Reuters ONE