ING Closes Sale of Fatum in the Netherlands Antilles and Aruba, To Close Ho Chi Minh City Office

April 28, 2003

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.”

Was this article valuable?

Here are more articles you may enjoy.