ING to Sell Life Insurance JVs in China

ING's plan to spin off insurance business and investment management business is scheduled to be unveiled next week, said sources.

The Dutch financial service provider announced the sale of the insurance unit days ago and currently, it takes a 50 percent stake in Pacific-Antai Life Insurance Co., Ltd. and ING Capital Life Insurance Co., Ltd., respectively. Both Chinese joint ventures of the group confirmed that ING would sell the stakes in them but declined to reveal more about when it will complete the deals and who will take over the stakes.

Bank of Beijing (SHSE: 601169), in which ING owns a 19.9 percent stake, is likely to be one of the possible buyers. The Shanghai-listed commercial lender was said to have been in talks with both ventures over the issue. Notably, it was reportedly to have gained regulatory approval to buy into Pacific-Antai Life once. However, there have been no official announcements so far.