Dutch bank and insurance company ING is to sell most of its Latin American operation to Colombia’s GrupoSura for 2.6 billion euros.
It has to promised that sale as part of its state rescue in 2008 and it paves the way for a sell off of its US, European and Asian operations, which are worth as much as 19 billion euros.
ING plans to repay the Dutch state in full by May 2012 following various asset sales.
The sale involves ING’s insurance, pension, savings and investment management operations in Chile, Colombia, Mexico, Uruguay, and Peru for 2.6 billion euros in cash. GrupoSura will also take on 65 million euros of debt.