PCG to purchase Asian insurance units from ING
The deal is expected to earn ING some $2.14 billion (£1.37 million) in cash.
ING and the Pacific Century Group (PCG) have completed sales negotiations over insurance units in Hong Kong, Macau and Thailand.
The deal is worth $2.14 billion (£1.37 million) in cash and forms part of a previously agreed intended divestment of ING's Asian insurance activities.
PCG - a private firm founded in 1993 by Richard Li - is still looking to tie up another transaction for €1.3 billion (£1.05 billion), while the agreement is expected to deliver net gain of approximately €1 billion.
Jan Hommen, chief executive officer of the group, said the deal "underscores the steady progress we continue to make in our restructuring".
He added that PCG will function as a good home for ING's customers as they have the ambition to expand their offerings in these countries.
At present, ING is a top-ten insurer in the Hong Kong, Macau and Thai combined life insurance businesses.
Posted by Edel Quinn
Source: ING press release, October 19th