ING's Beijing focus after sale
By Zhang Fengming |
December 30, 2009, Wednesday
|
Print Edition
Print Edition
ING said yesterday it would focus on its Beijing joint venture and sell its stake in a Shanghai venture to China Construction Bank.
The Netherlands-based company has agreed to sell its 50 percent stake in Shanghai-based Pacific Antai Life Insurance Co to the bank, the second-largest in China by total assets.
Both parties, however, didn't reveal the financial details of the transaction.
The deal is subject to regulatory approval and is expected to be booked and completed in the second half of 2010.
"This transaction enables us to focus our efforts on building a stronger insurance platform through ING Capital Life to capture the opportunities in China," said Frank Koster, chief executive officer of ING Insurance Asia Pacific, in a statement yesterday.
ING will now focus entirely on Beijing-based ING Capital Life Insurance Co, its 50-50 percent joint venture with Beijing Capital Group.
ING Capital Life offers individual and group life insurance in Liaoning, Anhui, Henan and Shandong provinces as well as Beijing. ING remains committed to exploring growth options for ING Capital Life in China, the company said.
Pacific Antai Life, a joint venture with China Pacific Insurance (Group) Co, was founded in October 1998.
It became ING's first life insurance joint venture in China in July 2000 following the Dutch company's acquisition of the insurance operations of Aetna Inc, an American diversified health insurer.
Pacific Antai Life, which has expanded to Guangdong and Jiangsu provinces, has around 300,000 customers.
The Netherlands-based company has agreed to sell its 50 percent stake in Shanghai-based Pacific Antai Life Insurance Co to the bank, the second-largest in China by total assets.
Both parties, however, didn't reveal the financial details of the transaction.
The deal is subject to regulatory approval and is expected to be booked and completed in the second half of 2010.
"This transaction enables us to focus our efforts on building a stronger insurance platform through ING Capital Life to capture the opportunities in China," said Frank Koster, chief executive officer of ING Insurance Asia Pacific, in a statement yesterday.
ING will now focus entirely on Beijing-based ING Capital Life Insurance Co, its 50-50 percent joint venture with Beijing Capital Group.
ING Capital Life offers individual and group life insurance in Liaoning, Anhui, Henan and Shandong provinces as well as Beijing. ING remains committed to exploring growth options for ING Capital Life in China, the company said.
Pacific Antai Life, a joint venture with China Pacific Insurance (Group) Co, was founded in October 1998.
It became ING's first life insurance joint venture in China in July 2000 following the Dutch company's acquisition of the insurance operations of Aetna Inc, an American diversified health insurer.
Pacific Antai Life, which has expanded to Guangdong and Jiangsu provinces, has around 300,000 customers.
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