Wednesday July 10,2013,
ING announced today that it has reached an agreement to sell its investment management business in South Korea to Macquarie Group, an Australia-based, global provider of financial services. The transaction is not expected to have a material impact on ING Group results. Subject to regulatory approvals, it is expected to close in the fourth quarter of 2013.
The transaction announced today is part of ING’s earlier announced process to divest its insurance and investment management businesses. The process to divest the remaining insurance and investment management businesses in Asia, including ING Life Korea, is on-going and any further announcements will be made if and when appropriate. Today’s announcement does not impact ING’s commercial banking activities in South Korea.
ING’s investment management business in South Korea manages approximately KRW 25 trillion (approximately EUR 17 billion) of assets as of 31 March 2013, primarily for local institutional clients including ING Life Korea. Macquarie is an Australia-based global provider of banking, financial, advisory, investment and funds management services with more than 13,600 employees across 28 countries.