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RETAIL FINANCIAL SERVICES | Cesar Tordesillas, Malaysia

ING sells Malaysia fund management biz

ING has agreed to sell its Malaysian investment management business to Kenanga Investors Berhad.

No financial details were given, but ING said the sale of its 70 per cent stake would have no material impact on its results. ING’s joint venture partner Tab Inter-Asia Services Sdn Berhad has also agreed to sell its 30 percent stake to Kenanga.

ING said its Malaysian fund management business managed about €500 million or RM2 billion of assets for third parties.

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