News

11:18 AM
Reuters
Reuters
News
Connect Directly
RSS
E-Mail
50%
50%

Report: Ameriprise in Talks to Buy ING Asian Asset Management Arm

Ameriprise Financial Inc is in advanced talks to buy most of ING Group's asset management business in Asia, Bloomberg reported, citing two people with knowledge of the matter.

Sept 26 Ameriprise Financial Inc is in advanced talks to buy most of ING Group's asset management business in Asia, Bloomberg reported, citing two people with knowledge of the matter.

The companies are still negotiating on price and an announcement may come in two to three weeks, the agency said.

The deal for the Asian asset management unit would exclude ING's joint ventures in the region, one of the people told the agency. ()

ING and Ameriprise declined to comment when asked by Bloomberg. Neither could immediately be reached by Reuters.

ING officially launched the sale of its Asian insurance and asset management operations in March, though the process was long in the making.

ING has been forced to sell assets after it was rescued by the Dutch government with a 10 billion euros ($12.8 billion) bailout during the 2008 financial crisis.

Copyright 2010 by Reuters. All rights reserved.

Comment  | 
Print  | 
More Insights
Register for Insurance & Technology Newsletters
White Papers
Current Issue
Insurance & Technology Digital Issue Oct. 27, 2014
Innovation? Check. Core modernization? Check. Security? Check. Today's insurance IT challenges don't stump this year's Elite 8.
Slideshows
Video