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ING to buy ABN Amro’s local mutual funds business in Taiwan

ING Group has reached an agreement with ABN Amro Asset Management (Asia) to acquire its Taiwanese domestic asset management business, ABN Amro Asset Management (Taiwan).

The Dutch financial services provider will pay up to E68 million for the ABN Amro business, which is the fifth largest local mutual fund manager in Taiwan with assets under management of E2.9 billion.

Subject to regulatory approval, ING intends to merge the acquired ABN Amro division with its existing domestic asset management venture, ING CHB Securities Investment and Trust Co.

The purchase will strengthen ING’s existing position as the economy’s largest overall asset manager, including local mutual fund assets and institutional mandates. The combined business will have assets under management of E10.8 billion representing a market share of close to 17%.

ABN Amro said the decision is in line with its strategy to focus on its expanding Taiwanese offshore funds business while leveraging the group’s international asset management platform and capabilities.