ING to sell Asia JVs separately from other assets
ING Groep NV is planning to sell its three Asian insurance joint ventures separately from its other Asia assets so that the overall sale is not held up by negotiations with partners, two sources with direct knowledge of the situation said.
ING has insurance joint ventures in China, India and Korea. In China, it is partnered with Bank of Beijing Life Insurance; in India, its partner is Vysya Life Insurance, while in Korea it has a tie-up with KB Life Insurance.
ING's investment banking division would advise on the joint venture sales, one of the sources said.
The sources declined to be identified as they were not authorised to speak to the media. ING declined to comment on the process.