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May 30, 2017

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ING to sell insurance units in HK, Macau to PCG in US$2.1 bil. deal

THE HAGUE -- Dutch banking and insurance group ING said Friday it will sell its insurance units in Hong Kong and Macau to Pacific Century Group for US$2.14 billion (1.64 billion euros) in cash.

"This transaction underscores the steady progress we continue to make in our restructuring," in which the Dutch group plans to sell off its insurance but not banking activities in Asia, ING chief executive Jan Hommen said in a statement. ING announced last week it will sell off its Malaysian insurance activities for approximately 1.3 billion euros.

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