ING COMPLETES SALE OF HONG KONG, MACAU AND THAILAND INSURANCE UNITS

Netherlands-based financial services group ING has completed the sale of its life assurance units in Hong Kong, Macau and Thailand to Pacific Century Group, generating a €950m ($1.2bn) gain. ING announced the sales of the units last October ( IIN 24, October 19 2012) for $2.14bn in cash, as part of a requirement imposed by the European Commission to divest its insurance operations as a result of receiving a bailout from the Dutch state. The ING Investment Management fund management businesses in Hong Kong and Thailand are not included in the deal. Neither does the sale affect ING's Asian banking businesses.