In fact sounds harder than flogging life insurance. ING’s attempts is case in point.
ING may break up its Asian life insurance operations and is holding talks with buyers interested in the business in different countries.
The company is currently in discussions with Manulife Financial and AIA Group Ltd or the Southeast Asian operations, and with both firms as well as KB Financial Group Inc for those in South Korea.
ING is also in talks with a consortium led by Mark Wilson, the former head of AIA. Backed by Blackstone and Swiss Re. Wilson bid for the entire Asia business. m Richard Li, son of Hong Kong’s richest man, bid for ING’s operations in Southeast Asia and Japan.
Two private equity funds have bid for the Japanese operations.
Meanwhile UOB, among many others, are interested in ING’s fund mgt unit.