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ING Group to sell S. Korean asset management unit
2012.11.30 16:48:30 | 2012.11.30 17:22:26
Netherlands-based ING Group plans to add its South Korean asset management business to the plan to offload its Asian operations to repay the state debt.

[ING Group to sell S. Korean asset management unit] 기사의 본문 이미지

The company is looking to complete the selloff in the first quarter of next year, following the sale of ING Life, according to industry sources Friday.

The decision comes after ING Group failed to find a single buyer for its entire Asian operations. The group is now selling its operations regionally. Potential buyers will reportedly be contacted within this year.

ING Group is closer to a deal to dispose its Korean life insurance unit, which will affect the plan for its asset management unit, said sources.

ING Group’s Korean asset management business is the largest one among its Asian fund management units. It manages about 24 trillion won ($22 billion) in total, of which 17 to 19 trillion won came from ING Life.

[Written by Woo-ram Hahn / edited by Soyoung Chung]

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