ING Groep NV To Sell Stake In ING-BOB Life To BNP Paribas SA's BNP Paribas Cardif

Monday, 8 Jul 2013 12:15am EDT 

ING Groep NV announced that it has agreed to sell its 50% stake in its Chinese insurance joint venture ING-BOB Life Insurance Company to BNP Paribas Cardif, the insurance arm of BNP Paribas SA. The transaction, which is subject to regulatory approval, is not expected to have a material impact on ING Group results. The transaction is part of ING's earlier announced process to divest ING's insurance and investment management businesses. The process to divest the remaining insurance and investment management businesses in Asia is on-going and any further announcements will be made if and when appropriate. The announcement does not affect ING Bank's 13.7% stake in Bank of Beijing, nor does it affect ING's Commercial Banking activities in China. 

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