HONG KONG – ING considers selling its HK unit

ING might sell its Hong Kong business worth HKD 1 billion (USD 128 million) to repay the money it had borrowed from the Netherlands government in 2008.

 

As the Dutch insurer could not find an individual potential buyer of its entire Asian unit valued at about HKD 7 billion, it decided to split the auction into three sections: Japan, South Korea and Southeast Asia.

 

The Hong Kong business was grouped initially within Southeast Asia, alongside Malaysia and Thailand. However, it is now believed that Southeast Asia sale is making very slow progress and hence ING is considering sale of the Hong Kong unit to ramp up the process.