ING sells Thai asset management biz to UOB
For 10 million euro.
This is the amount the ING Group will receive in selling its investment management business in Thailand to UOB Asset Management.
The transaction, which is subject to regulatory approvals and is expected to close in the first half of 2013, does not impact ING's other businesses in the region.
ING's investment management business in Thailand is among the top 3 foreign fund management houses in the country. It manages approximately 2.9 billion euro of assets for local clients, the majority of which are third party.
The sale to United Overseas Bank is part of the Dutch banking group’s plan to downsize its business in Asia.
ING initially planned to sell the entire business to a single buyer, but it later opted to split up the business for sale to different buyers. While selling the asset management business in Thailand, it still owns similar business in South Korea, Hong Kong, Malaysia, Taiwan and Japan.