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ING Groep NV To Sell Investment Management Business In South Korea To Macquerie Group Ltd
ING Groep NV announced that it has reached an agreement to sell its investment management business in South Korea to Macquarie Group Ltd. The transaction is not expected to have a material impact on ING Group results. Subject to regulatory approvals, it is expected to close in the fourth quarter of 2013. The transaction announced is part of ING's earlier announced process to divest its insurance and investment management businesses. The process to divest the remaining insurance and investment management businesses in Asia, including ING Life Korea, is on-going and any further announcements will be made if and when appropriate. The announcement does not impact ING's commercial banking activities in South Korea. ING's investment management business in South Korea manages approximately KRW 25 trillion (approximately EUR 17 billion) of assets as of 31 March 2013, primarily for local institutional clients including ING Life Korea.
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