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ING Groep NV Completes Sale of Insurance Businesses in Malaysia


Monday, 17 Dec 2012 05:08pm EST 

ING Groep NV (ING) announced 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 and its 60% stake in ING Public Takaful Ehsan Berhad. As announced on October 11, 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. ING Investment Management's funds management business in Malaysia is outside the scope of this transaction. The transaction announced as of December 17, 2012 does not impact ING's Asian banking activities. 

Company Quote

11.655
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25 Nov 2014