ING exits ING Vysya Life Insurance
23 January 2013
Dutch banking and insurance group ING is selling its 26 per cent stake in ING Vysya Life Insurance to joint venture partner Exide Industries Ltd, as part of divestment of insurance and investment management business in Asia.
ING said the exit from the Indian life insurance joint venture is part of the previously announced intended divestment of ING's Asian Insurance and Investment Management businesses.
The process of divestment for the remaining businesses is on-going. Today's agreement will also not impact ING Vysya Bank, a publicly listed Indian bank, in which ING has a 44 per cent stake, nor ING's fund management business in the country, ING said in a release.
The transaction, which is subject to regulatory approvals, is unlikely to have any material impact on ING Group results, the company said.
ING expects the transaction to close in the first half of 2013.
Banglore-based ING Vysya Life Insurance serves more than one million customers in over 200 cities in India. It distributes insurance products through more than 30,000 ING Life Insurance advisors, bancassurance partner ING Vysya Bank, referral partners, corporate agents and brokers.