ING sells Thai insurance unit
'No effect' seen on present policyholders
- Published: 20 Oct 2012 at 00.00
- Newspaper section: Business
ING, the Dutch financial services giant, yesterday 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 the Pacific Century Group (PCG) for a combined US$2.14 billion in cash.
The agreement is part of the previously announced intended divestment of ING's Asian insurance and investment management activities.
It announced last week that it had reached an agreement to sell its Malaysian insurance activities for 1.3 billion (52.1 billion baht).
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