(Corrects ING's Asian asset management businesses to include
India, Singapore in paragraph 2. Removes incorrect ranking of
fund management businesses.)
HONG KONG Nov 20 ING Groep NV agreed
to sell its Thailand asset management unit to Singapore's United
Overseas Bank Ltd for 10 million euros ($12.8 million)
in cash, as the Dutch financial group pushed ahead with its
After failing to find a single buyer for its entire Asia
business, ING is breaking up the sale along different
geographies. The disposal of the Thai unit leaves ING with Asian
asset management operations in South Korea, Hong Kong, Malaysia,
Taiwan, Japan, India and Singapore.
The sale is part of ING's wider asset disposal programme
aimed at repaying the 10-billion-euro ($12.7 billion) state
bailout received during the 2008 financial crisis. Last month,
ING agreed to sell part of its Asia insurance operations for
UOB, the smallest of Singapore's three banks, said in a
statement on Tuesday that ING's Thai unit held about 113.8
billion baht ($3.70 billion) of assets as of the end of
September. The purchase is not expected to have a material
impact on UOB's earnings, the bank said.
ING's Asia investment management business has a book value
of 200 million euros and manages about 43.3 billion euros of
assets in the Asia-Pacific region, according to company filings.
ING was advised by Credit Suisse, while Nomura Holdings
advised UOB, sources with knowledge of the matter said.
The Dutch group launched the sale of its Asian insurance and
asset management operations in March.
The sale of its entire Asia asset management operations ran
into a snag after front runner Ameriprise Financial Inc
bowed out of the race, forcing ING to rework its strategy to
exit the business, according to the sources.
The sources declined to be identified as they were not
authorised to speak about deal publicly.
($1 = 0.7803 euros)
($1 = 30.7250 Thai baht)
(Reporting by Denny Thomas; Editing by Ryan Woo)