A spokeswoman for ING Group has said “it is
only natural” that parties are expressing an interest in its Asian
insurance business.
A sale of ING’s Asian life insurance business
would help the financial institution repay the remaining €3bn
($3.8bn) of state aid it received as part of the capital support
facilities it received by the Dutch government during the financial
crisis.
Go deeper with GlobalData
ING spokeswoman Carolien van der Giessen said:
“We are exploring options for our Asian Insurance and IM activities
and while all options are open, we are currently exploring options
for a sale.”
Her remarks come amid news reports that
Manulife Financial was among the suitors that submitted first-round
bids for ING Group’s Asia life insurance unit.
Reuters has reported that the bids were
submitted late on 18 May and the indicative offers ranged from
€6-7bn.
A spokesman for Manulife Financial said the provider has a
longstanding policy of not commenting on market speculation.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
