ING Group, a financial services firm from the Netherlands, planned an exit from its investment management company located in South Korea as part of its acquisition of the Macquire Group. This came after the company's campaign to divest the entirety of its investment and insurance businesses.
The South Korean management business of ING Group holds a total of KRW25 trillion, or almost EUR17 billion worth of assets. Macquire, headquartered in Australia, did not release the financial terms of the buyout which is expected to close before the year ends.
The Dutch financial services company struck deals with various companies across the globe when it released a statement saying it will exit all of its insurance and investment management businesses.
The government of the Netherlands and the European Commission agreed to restructure the firm three four years ago. The agreement stipulated the separation of its insurance, banking and investment processes. This agreement came after a reported EUR10 billion capital fund given by the Dutch government, to be paid in tranches.
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