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Provider: Wright Reports
Provider: Wright Reports

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ING Groep NV to Sell Malaysian ING Funds Berhad to K & N Kenanga Holdings Berhad's Subsidiary Kenanga Investors Berhad

Friday, 21 Dec 2012 02:48am EST 

ING Groep NV (ING) announced that it has reached an agreement to sell its 70%-stake in ING Funds Berhad (IFB), ING's investment management business in Malaysia, to Kenanga Investors Berhad (Kenanga Investors), a wholly owned subsidiary of K & N Kenanga Holdings Berhad (Kenanga). ING's joint venture partner Tab Inter-Asia Services Sdn Berhad has also agreed to sell its 30% stake to Kenanga Investors. The transaction announced as of December 21, 2012 will not have a material impact on ING's results and is subject to regulatory approvals. The transaction does not impact ING's other businesses in the region and is expected to close in the first quarter of 2013. IFB manages approximately EUR 500 million of assets for third parties across all traditional asset classes and has a multi-channel distribution network. 

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-0.0050 -0.62%
2:30am EDT