ING has been selling down its investments in Asia and recently completed the sale of its Malaysian business to AIA Group, a former subsidiary of American insurance behemoth AIG Group. It also sold its Malaysian fund management business.
Under the terms of the Korean sale, ING will receive a cash payment of KRW 166.5bn (€115m, £97m) for its 49% stake in the joint venture. ING said the transaction is “not expected to have a material impact on its group results”.
The transaction is expected to complete in the second quarter of 2013, subject to regulatory approvals.
In a statement, ING said: “The transaction announced today is part of ING’s earlier announced process to divest ING’s insurance and investment management businesses.
“The process to divest the remaining insurance and investment management businesses in Asia, including ING Life Korea and ING’s funds management business in Korea, is on-going. Any further announcements will be made if and when appropriate. Today’s announcement does not affect ING’s Commercial Banking activities in South Korea.”