ING to sell its interest in ING Vysya Life Insurance
Amsterdam - ING announced today it has agreed to sell its 26% interest in ING Vysya Life Insurance Company Ltd. to its joint venture partner Exide Industries Ltd.
ING’s exit from the Indian life insurance joint venture is part of the previously announced intended divestment of ING’s Asian Insurance and Investment Management businesses. The process for the remaining businesses is on-going. Any further announcements will be made if and when appropriate.
The transaction announced today is not expected to have a material impact on ING Group results. Subject to regulatory approvals, the transaction is expected to close in the first half of 2013. Today’s agreement does not impact ING Vysya Bank, a publicly listed Indian bank in which ING has a 44% stake, nor ING’s fund management business in the country.
ING Vysya Life Insurance has over a decade of experience serving more than one million customers in over 200 cities in India. Headquartered in Bangalore, ING Vysya Life Insurance distributes its products through more than 30,000 ING Life Insurance Advisors, bancassurance partner ING Vysya Bank, Referral Partners, Corporate Agents and Brokers.
Exide Industries is India’s largest producer of automotive and industrial batteries, with seven manufacturing plants strategically located across the country. Exide Industries has been a shareholder of ING Vysya Life Insurance since 2005.
ING is a global financial institution of Dutch origin, offering banking, investments, life insurance and retirement services to meet the needs of a broad customer base. Going forward, we will concentrate on our position as an international retail, direct and commercial bank, while creating an optimal base for an independent future for our insurance and investment management operations
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