Asia’s Wealthiest Family Will Buy ING’s Insurance Units

“ING Groep NV (INGA) will sell insurance assets in Hong Kong, Macau and Thailand to Richard Li, a son of Asia’s richest man, for 1.64 billion euros ($2.14 billion) as local buyers seek to profit from the dismantling of one of Europe’s largest financial companies.

Pacific Century Group, controlled by Li, will buy the insurance and pension units in a sale that values the life businesses at 24.3 times estimated 2012 earnings and 1.9 times estimated book value of 865 million euros, according to a statement from ING today. Amsterdam-based ING said it’s expecting a net gain of about 1 billion euros from the sale.”

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