The Netherlands-based ING financial and insurance group announced that it has finalized the sale of 99% of Fatum, its insurance business in the Netherlands Antilles and Aruba, to Guardian Holdings Limited for approximately 45 million Euros ($50 million).
The company also announced that it will close its banking facility in Ho Chi Minh City (ex-Saigon), Vietnam by the end of June, and may close its Hanoi branch this year as well. No reasons were given for the decision.
ING announced the sale of Fatum to Guardian last December, subject to regulatory approvals. These have now been received. ING will retain a 1 percent interest in Fatum for two years. The announcement indicated that “The sale of Fatum fits into the continual process of active portfolio management within ING. Fatum operates in Curacao, Bonaire, the Windward Islands, and Aruba. Its head office is located in Curacao. Through a network of independent brokers, Fatum sells non-life, life, pension and health insurance and employs 191 people.”
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
