Nothing but negotiation

The Gap Partnership

ING completes sales negotiations with GrupoSura

The value of the deal is believed to be €2.7 billion.

26 July 2011

Sales negotiations have been completed on a deal that will see ING sell Insurance Latam to GrupoSura.

The cost of the agreement is €2.7 billion (£2.4 billion) and does not include ING's 36 per cent stake in Brazilian insurer Sul America SA.

Jan Hommen, chief executive officer of ING Group, noted the company has developed "leading market positions" in the majority of countries it has operated in.

"I am pleased that we have found in GrupoSura a very solid and complementary owner with the ambition to further build on [our] success," he added.

Mr Hommen continued by saying that the organisation is ready to move forward on US, European and Asian business negotiations when market conditions are "favourable".

Subject to regulatory approval being given, the deal is expected to be finished by the end of 2011.

ING Bank recently came through the European Banking Authority stress test, highlighting the strong position it is in.

Posted by Ron Maverick

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