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ING Groep NV Completes Sale of Insurance Units in Hong Kong, Macau, Thailand
ING Groep NV (ING) announced that has completed the sale of its life insurance units in Hong Kong, Macau and Thailand to Pacific Century Group (PCG). The sale has resulted in a net transaction gain of approximately EUR 950 million, which will be reflected in ING's first quarter results. As announced on October 19, 2012, ING received a total cash consideration of USD 2.14 billion (EUR 1.64 billion) for the life insurance, general insurance, pension and financial planning units in Hong Kong and Macau, and the life insurance operation in Thailand. The divestment is part of ING's intended divestment, as previously announced, of the Asian insurance and investment management activities. The process for the remaining insurance and investment management activities in the region is on-going and any further announcements will be made if and when appropriate.
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