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ING to sell Taiwanese asset management business

ING announced that it has reached an agreement to sell ING Investment Management (IM) Taiwan, its Taiwanese asset management business, to Japan-based Nomura Asset Management in partnership with a group of investors.

The transaction is not expected to have a material impact on ING Group results.

The transaction is in line with ING’s earlier announced strategy to divest its insurance and investment businesses. It is subject to regulatory approval and expected to close in the second quarter of 2014.

ING IM Taiwan is among the top 10 investment management firms in Taiwan with approximately EUR 5.2 billion in Assets under Management as of 31 October 2013.