ING To Sell Its 50% Stake In Chinese Insurance JV To BNP Paribas Cardif

(RTTNews) - Dutch bancassurer ING Group N.V. (ING) Monday said it has agreed to sell its 50 percent stake in its Chinese insurance joint venture ING-BOB Life Insurance Co. to BNP Paribas Cardif, the insurance arm of BNP Paribas (BNPQY.PK, BNP.L).

The deal is part of ING's process to divest its insurance and investment management businesses. It is not expected to have a material impact on ING Group's results.

ING said the process to divest the remaining insurance and investment management businesses in Asia is on-going.

The latest announcement does not affect ING Bank's 13.7 percent stake in Bank of Beijing, nor does it affect ING's Commercial Banking activities in China.

ING's Chinese life insurance joint venture was established in 2002 and currently operates eight branches in seven provinces and municipalities in China. It offers savings and protection products through an agency network and through bank branches.