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PCG to purchase Asian insurance units from ING

The deal is expected to earn ING some $2.14 billion (£1.37 million) in cash.

19 October 2012

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

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