ING To Sell Joint Venture Stake To ANZ For $1.6B

Law360, New York (September 25, 2009, 2:23 PM EDT) -- Dutch financial services firm ING Groep NV announced Friday it had reached a $1.6 billion deal to sell its stake in its wealth management and insurance businesses in Australia and New Zealand to joint venture partner Australia & New Zealand Banking Group Ltd.

ANZ confirmed Friday it would acquire ING's 51 percent holdings in the wealth management and life insurance joint ventures, becoming the sole owner of both businesses. On completion of the deal, ING Australia Ltd. and ING (NZ) Holdings Ltd. will become wholly owned...
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