ING Groep NV To Sell Thai Fund Unit To United Overseas Bank Ltd-Reuters

Reuters reported that ING Groep NV has agreed to sell its Thailand asset management unit to Singapore's United Overseas Bank Ltd for EUR10 million ($12.8 million) in cash, as the Dutch financial group pushed ahead with its Asian divestments. After failing to find a single buyer for its entire Asia business, ING is breaking up the sale along different geographies. The disposal of the Thai unit leaves ING with asset management operations in South Korea, Hong Kong, Malaysia, Taiwan and Japan.