ING announced today that it has completed the sale of its Swiss Private Banking business to Julius Baer, the leading pure-play Swiss Private Banking group. As announced on 7 October 2009, the divestment is in line with ING’s Back to Basics strategy to focus on fewer franchises and reduce the complexity of the group. The transaction will generate an estimated net profit for ING of approximately EUR 150 million. ING Private Banking in the Benelux and Central Eastern Europe remain part of the core business of the Bank.  Read More →

Prudential Financial, today announced that it has completed the sale of its minority joint venture interest in Wachovia Securities Financial Holdings, LLC, which includes Wells Fargo Advisors (formerly Wachovia Securities) to Wells Fargo & Company. At the closing, Prudential received $4.5 billion in cash. In addition, Prudential received $418.4 million in payment of the principal and accrued interest on a subordinated promissory note that Wachovia Securities had issued in connection with the establishment of the joint venture.  Read More →

Dutch bank and insurance group ING said  on Tuesday it had completed the sale of its US reinsurance business to Reinsurance Group of America for an undisclosed amount. The transaction was expected to free up some 100 million euros (144 million dollars) in capital in 2010 and improve ING Insurance’s debt-to-equity ratio by about 60 basis points, it said in a statement. “ING announced today that it has closed the transaction to transfer its US group reinsurance business, ING Reinsurance US, to Reinsurance Group of America, Inc (RGA),”...  Lire la suite

ING will sell its 50% stake in one of its two insurance joint ventures in China to China Construction Bank Corp, the two companies said Tuesday. ING said the deal will allow it to exit from Pacific Antai Life Insurance Co., its 50-50 joint venture with China Pacific Insurance (Group) Co. The Dutch financial conglomerate said it will maintain its 50-50 joint venture with Beijing Capital Group Co., Dalian-based ING Capital Life. ING said the deal is subject to regulatory approval and should be completed in the second half of 2010. China Construction...  Lire la suite

ING announced today that it has closed the sale of its life insurance and wealth management venture in Australia and New Zealand to ANZ, its joint venture partner. As announced on 25 September, the divestment is part of ING’s Back to Basics strategy to simplify the organisation by focusing on fewer, strong franchises that form a coherent group. Under the terms of the agreement, ING sold its 51% equity stakes in ING Australia and ING New Zealand to ANZ, who now has become the sole owner of these businesses. In line with the announcement of...  Lire la suite