ING divests Insurance Latin America
Dutch firm ING has confirmed that it has completed the divestment of its Latin American pensions, life insurance and investment management operations to Colombia’s Grupo de Inversiones Suramericana (Gruposura).
The move, which is expected to yield a net gain of €1bn for ING, is the first major step towards the divestment of ING’s insurance and investment management activities.
The deal is worth a total consideration of around €2.65bn, including €65m of assumed debt, and reduces the leverage in ING insurance by approximately €2.8bn.
The transaction includes mandatory pension and voluntary savings businesses in Chile, Colombia, Mexico and Uruguay, ING’s 80% stake in AFP Integra S.A. in Peru, and the life insurance businesses in Chile and Peru (as well as local investment management capabilities in the above five nations).
The transaction also involved ING selling its 33.7% stake in Peruvian InVita Seguros de Vida S.A. to the Wiese Family.
Category: Insurance News
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