Dutch insurer ING Group NV, which has retirement services operations in Windsor, says it has agreed to sell most of its Latin American businesses to Gruposura for around $3.81 billion (euro2.68 billion), The Associated Press reports.
ING says it will receive euro2.615 billion in cash and Gruposura will take on euro65 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 on company for insurance and another for banking, after it was bailed out by the Dutch state during the 2008 financial crisis.
The deal should close by year end pending regulatory approval and ING said Monday it expects to book a euro1 billion gain.
