ING TO SELL INSURANCE UNITS IN HONG KONG, MACAU, THAILAND
Source: ING Group Press Release, 19 October 2012
ING announced it has reached an agreement to sell its life insurance, general insurance, pension and financial planning units in Hong Kong and Macau, and its life insurance operation in Thailand to Pacific Century Group (PCG) for a combined consideration of USD 2.14 billion (RM 6.53 billion) in cash.
The agreement is part of the previously announced intended divestment of ING’s Asian insurance and investment management activities. In this context, ING announced it has reached an agreement to sell its Malaysian insurance activities for approximately EUR 1.3 billion (RM5.22 billion). The process for the remaining businesses is on-going.
ING is a top 10 life insurer in Hong Kong, Macau and Thailand. In Hong Kong and Macau, where ING offers general and life insurance products as well as pension and financial planning services, ING serves more than 270,000 customers through approximately 400 employees and 1,600 tied agents. In Thailand, where ING offers life insurance as well as pension products, ING serves more than 300,000 customers through about 480 employees and over 4,000 tied agents.
EUR1.00 = RM4.02 USD1.00 = RM3.06