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ing insurance company of canada news
Global Deal: Sun Life Financial Keen on ING Assets in Asia
By Chester Yung and Fiona Law of Dow Jones Newswires
Hong Kong – Sun Life Financial Inc., Canada’s third-largest life insurer by assets, is keen on potentially bidding for the Asian assets of ING Groep NV as it seeks to double its profits from the region in the next three years.
“Certainly that’s a business that we would look at as one of many different businesses that we look at,” Chief Executive Dean Connor told The Wall Street Journal in an interview. “We are in the deal flow…so we’ll be keen to look at ING in a lot more detail.”
Prospective buyers are awaiting for more information from Amsterdam-based ING about the businesses to be sold, after the company in January decided to put its Asian business up for sale. People familiar with the situation said ING plans to sell its investment management business separately from its insurance operations. They also said that ING plans to hold a separate sales process for its stakes in joint ventures in India, China and South Korea.
Source: Wall Street Journal (blog)