ING Gets $2.1B Payout In Asian Insurance Biz Sale

Law360, New York (October 19, 2012, 1:34 PM EDT) -- Pacific Century Group, the Asian investment firm founded by Hong Kong billionaire Richard Li, will pay $2.14 billion for ING Groep NV's insurance operations in Hong Kong, Macau and Thailand, as part of ING's latest efforts to divest its Asian assets, ING announced Friday.

Upon receiving regulatory approval, ING will release its life insurance, general insurance, pension and financial planning units in Hong Kong and Macau, and its Thai life insurance operation in a deal that is expected to close in the first quarter of 2013,...
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