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Aia Group Ltd To Acquire ING's ING.AS Malaysian Insurance Unit-Reuters

Wednesday, 10 Oct 2012 06:59am EDT 

Reuters reported that AIA Group Ltd has agreed to buy ING's ING.AS Malaysian insurance unit and is expected to pay $1.5 billion to $1.7 billion, handing the Dutch financial services firm its first deal in a nine-month drive to sell off Asian assets. The AIA deal marks the first sale in an ING auction of Asian insurance operations announced in January, as part of a global asset sell-off to repay 10 billion euros ($12.9 billion) in state aid received during the 2008 global financial crisis. NG originally had wanted to sell its entire Asia insurance operation, with a book value of 6.1 billion euros ($7.8 billion), to one buyer.