The Washington Post
ING Groep sells Latin American insurance arm to Colombia’s Gruposura for around $3.8 billion
July 26th--AMSTERDAM — ING Groep NV says it has agreed to sell most of its Latin American businesses to Colombia’s Gruposura for €2.615 billion ($3.76 billion) in cash, the latest in a spate of disposals.
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ING says that on top of the deal price, Gruposura will take on €65 million in debt for the businesses, which include ING’s insurance, investment management and pension management activities. The deal does not include ING’s 36 percent stake in Brazilian insurer Sul America SA.
ING has been selling operations to prepare for its European Union Commission-mandated split into one company for insurance and another for banking, after it was bailed out by the Dutch state during the 2008 financial crisis.
It still owes €3 billion of the original €10 billion in support it received, and another €1.5 billion in penalties, with plans to pay back the balance in full by May 2012.
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