M and A
ING Group Completes Sale Of Taiwan Asset Management Firm To Nomura
ING Group, the Netherlands-headquartered financial services firm, has completed the sale of ING Investment Management Taiwan to Japan’s Nomura.
ING Group, the Netherlands-headquartered financial services firm, has completed the sale of ING Investment Management Taiwan to Japan’s Nomura.
This unit is ING’s Taiwanese asset management business; it was sold to Nomura Asset Management in partnership with a group of investors.
The transaction, which was announced on 10 January 2014, is in line with ING's earlier announced strategy to divest its insurance and investment management businesses.
The transaction does not have a material impact on ING Group results, a statement from ING said.
The firm, which had to be bailed out by the Dutch taxpayer in the midst of the 2008 financial crisis, has spun off a number of businesses to restore profitability and repay funds. In the wealth area, a notable sale was the sale of its private banking operation to OCBC, with the business being renamed Bank of Singapore.
