ING sells LatAm insurance for 2.6 billion euros

Dutch Bancassurer ING will sell most of its Latin American operation to Colombia's GrupoSura for 2.6 billion euros ($3.7 billion) in a deal resulting from its state rescue in 2008. ING agreed to split its bank and insurance operations in return for approval for 10 billion euros of state aid during the financial crisis in 2008 and has said it plans to repay the Dutch state in full by May.
The sale of the Latin American insurance and investment management business, which ING flagged earlier this year, now paves the way for the sale of its US, European and Asian operations, which are worth about 18 billion to 19 billion euros. ING had said it wanted to sell the US, European and Asian businesses through two separate initial public offerings.