Dutch financial services giant sells its Taiwan asset management arm to Japan brokerage Nomura.

ING, the Dutch financial services firm, has agreed to sell its Taiwan asset management business to Japan firm Nomura Asset Management.

The deal is in line with ING's ongoing efforts to unload its insurance and investment businesses worldwide. The sale is still subject to regulatory approval and is expected to close by the second quarter of 2014. It will not have any material impact on ING Group's results.

The acquisition of ING Securities Investment & Trust in Japan is executed with a group led by former ING Taiwan chief executive Ashwin Mehta, said Nomura in a statement. Financial terms of the deal were not disclosed, although it is known that the target managed some $7 billion in assets as at 31 October 2013.