Ameriprise in Talks to Buy ING’s Asian Asset Management Arm

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Ameriprise Financial Inc is in advanced talks to buy most of ING Group’s asset management business in Asia, Bloomberg reported, citing two people with knowledge of the matter.

The companies are still negotiating on price and an announcement may come in two to three weeks, the agency said.

The deal for the Asian asset management unit would exclude ING’s joint ventures in the region, one of the people told the agency.

ING and Ameriprise declined to comment when asked by Bloomberg. Neither could immediately be reached by Reuters.

ING officially launched the sale of its Asian insurance and asset management operations in March, though the process was long in the making.

ING has been forced to sell assets after it was rescued by the Dutch government with a €10 billion ($12.85 billion) bailout during the 2008 financial crisis.