ING Group reported that it has closed the sale of part of its Mexican business, Seguros ING SA de CV and subsidiaries, to AXA.
ING announced this divestment in February as part of its strategy to focus on its core activities of banking, investments, life insurance and retirement services.
Under the terms of the agreement, ING sold companies that comprise its non-life businesses of property/casualty and auto, plus its health and life insurance businesses, its health maintenance organization (ISES) and its bonding business for a total of $1.5 billion (EUR 950 million).1
Based on the purchase price, ING said it expects to realize a capital gain on the sale in a range between EUR 150 and 200 million, depending upon the final balance sheet and closing adjustments as well as currency exchange rates. The transaction will be booked in the third quarter of 2008.
Source: ING Group
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