ING Completes Sale Of South Korea Investment Business To Macquarie

Tom Burroughes

3 December 2013

, the Netherlands-headquartered financial services group, which operates in Asia and other regions, said yesterday it has completed the sale of its investment management business in South Korea to Macquarie, the Australian bank.

As previously announced on 10 July, the transaction does not have a material impact on ING Group results, the firm said in a statement.

The firm has said the transaction is part of an earlier announced process to divest its insurance and investment management businesses in Asia. In July, Macquarie Group said the purchase will make it the largest foreign asset manager in South Korea in terms of assets under management.