Son of Asia’s richest man to acquire Hong Kong, Macau and Thailand businesses in Q1 2013
Dutch bank and insurance group ING is to sell its Hong Kong, Macau and Thailand insurance units to businessman Richard Li, the son of Asia’s richest man Li Ka-shing, for $2.14bn (£1.33bn) in cash.
The deal followed the sale of ING Direct UK to Barclays earlier this month, with the company taking a €320m (£258m) loss on the transaction after tax.
ING said in a statement that the deal, which is worth 24.3 times estimated 2012 earnings, is subject to regulatory approval and is expected to close in the first quarter of 2013.
The deal is part of bailed-out ING’s global divestment plans, and comes a week after it announced the sale of its Malaysian insurance business to AIA Group Ltd for $1.73bn (£1.08bn).
ING received €10bn (£8.13bn) in state aid during the 2008 financial crisis, and the proceeds of the sales will help it repay some of the bailout money.
Li’s successful bid marks his return to the insurance industry, after he exited it in 2007, and adds to his business empire which now includes telecoms, media and funds management.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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