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ING announced today that it has agreed to sell its 50% stake in its Chinese insurance joint venture ING-BOB Life Insurance Company to BNP Paribas Cardif, the insurance arm of BNP Paribas. The transaction, which is subject to regulatory approval, is not expected to have a material impact on ING Group results. The transaction is part of ING’s earlier announced process to divest ING’s insurance and investment management businesses. The process to divest the remaining insurance and investment management businesses in Asia is on-going and any further announcements will be made if and when appropriate. Today’s announcement does not affect ING Bank’s 13.7% stake in Bank of Beijing, nor does it affect ING’s Commercial Banking activities in China. ING’s Chinese life insurance joint venture was established in 2002 and today operates eight branches in seven provinces and municipalities in China. It offers savings and protection products to families in China through an agency network and through bank branches. |
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