ING Group awarded time by the European Commission for divestment efforts The ING Group, one of the world’s largest financial services companies, has been working to divest its insurance operations over the past several months. The company has been met with several challenges in this task and has petitions the European Commission, the legislative arm of the European Union, for more time, a request that has been granted this week. The European Commission had originally set a deadline for the company it divest its insurance businesses by the end of…
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International insurance deal made by son of Asia’s richest man
Richard Li, Hong Kong tycoon, has acquired three units of ING for $2.1 billion Younger son of the richest man in Asia, and businessman in his own right, Richard Li, is making international insurance news by purchasing three the coverage units of ING Hong Kong, Thailand, and Macau, in a cash acquisition of $2.14 billion in cash. The Dutch financial services firm has now advanced significantly toward paying off its bailout. ING has been taking dramatic steps in order to try to pay back its state bailout funds, and the…
Read MoreING Group to abandon plans for combined insurance and investment operations in Europe and Asia
The ING Group, a Dutch financial institution working in the banking and insurance industries, has announced that it will be abandoning its plans for a combined European and Asian insurance investment operation. The company cites economic turmoil in the European region as the primary reason for its change of heart. Future investment and insurance plans are still a possibility for the future, if the European financial crisis is resolved appropriately. The company still has a keen interest in the Asian market, however, and plans to pursue alternative schemes to expand…
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