ING to sell Malaysian insurance business to AIA Group for $1.73 bn
11 Oct 2012
Dutch banking giant ING yesterday agreed to sell its Malaysian insurance business to Pan Asian insurer AIA Group Ltd, for $1.73 billion in cash.
Hong Kong-listed AIA, partly owned by the US bailed-out insurer, American International Group, said that the acquisition will make it the leading insurance provider by premiums in the "high-growth Malaysian market."
The sale includes its life insurance business, its employee benefits business and its 60-per cent stake in ING Public Takaful Ehsan Berhad.
ING is a leading life insurer in Malaysia offering a complete suite of insurance products, including life, general, employee benefits and Takaful - a joint venture with Public Bank Berhad, Malaysia's third-largest bank, and Public Islamic Bank Berhad, one of Malaysia's top 5 Islamic banks.
ING's insurance businesses in Malaysia serve more than 1.6 million customers through approximately 1,200 employees and approximately 9,200 tied agents.
The Amsterdam-based financial services firm said that its Investment Management's funds management business in Malaysia is not part of the transaction and the deal does not impact its Asian banking activities.
.webp)
