ING sells Malaysia business to AIA
Dutch financial group ING is offloading its insurance business in Malaysia to AIA Group for €1.3bn in cash.
The deal is part of ING’s previously stated target of exiting Asian insurance and investment management businesses.
Jan Hommen, CEO of ING Group said: “Today’s announcement is the first major step in the divestment of our Asian insurance and investment management businesses and shows that ING continues to make steady progress in the restructuring of our company.”
“AIA is an established player in Asia, and the combination of our strong insurance operations with their longstanding track record in Malaysia will create a market leader well positioned to benefit from the growth opportunities available in the country.”
ING Investment Management’s funds business in Malaysia is not covered by today’s announcement, nor is ING’s Asian banking activities.
Subject to regulatory approval the deal should go through by the first quarter of 2013.