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ING sells its stake in ING-BOB Life to BNP Paribas Cardif

ING sells its stake in ING-BOB Life to BNP Paribas Cardif image

The Dutch financial services company ING has announced that it has reached an agreement to sell its 50% stake in the Chinese joint venture ING-BOB Life Insurance Company to BNP Paribas Cardif, which is the insurance division of BNP Paribas. The transaction, which is subject to approval by the relevant regulatory authorities, is not expected to have a material effect on the financial results of the ING Group. The deal is part of ING's previously announced process of selling the company's insurance and investment divisions. The sale announced today does not affect ING Bank's 13.7 percent stake in Bank of Beijing, nor ING's commercial banking in China. ING Life Insurance Joint Venture in China was established in 2002 and today has eight branches in seven Chinese provinces and municipalities.