Following the receipt of approvals from concerned regulators, the transaction is likely to conclude during the fourth quarter of 2013, and will not have a material impact on ING Group results.
The recent sale of the business is part of ING’s strategy to offload its insurance and investment management businesses across the globe.
The Amsterdam-based company said that the process to sell the remaining insurance and investment management businesses in Asia, including ING Life Korea, will continue, while the latest transaction will not affect ING’s commercial banking activities in the country.
As of 31 March 2013, ING investment management business in South Korea managed nearly €17bn of assets, primarily for local institutional clients, including ING Life Korea.
With 13,600 staff in 28 countries, Macquarie offers an array of banking, financial, advisory, investment and funds management services to a diverse base of customers.
ING provides an array of banking, investments, life insurance and retirement services, with operations mostly concentrated in China, Hong Kong, India, Japan, Malaysia, South Korea and Thailand.
