Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

ING to sell 33.3% stake in China Merchants Fund

ING, the Dutch banking group, has agreed to sell its 33.3% stake in its investment management joint venture to partners China Merchants Bank and China Merchants Securities.

As per the terms of the agreement, ING will receive a total cash consideration of €98m, while the deal would close in the second quarter of 2013 upon receiving regulatory approvals.

The company said that the stake sale in Chinese JV is a part of the previously announced divestment of its Asian insurance and investment management businesses.

China Merchants Fund, which has nearly 3% market share in the country’s mutual funds market, was set up in 2002.

European Union’s anti-trust regulator has ordered ING to dispose of insurance and investment management divisions by 2013, to repay the state aid it received during the 2008 financial crisis.