ING sells asset management biz in Thailand
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ING Group has reached agreement to sell its investment management business in Thailand to UOB Asset Management Ltd (UOBAM).
Under the terms agreed, ING will receive a total cash consideration of 10 million euro (about Bt400 million) for the investment management business in Thailand. The transaction, which is subject to regulatory approvals and is expected to close in the first half of 2013, does not impact ING’s other businesses in the region.
ING’s investment management business in Thailand is among the top 3 foreign fund management houses in the country. It manages approximately 2.9 billion euro of assets for local clients, the majority of which are third party.
The sale to United Overseas Bank, the parent company of UOB Thai Bank which owns the asset management firm, is part of the Dutch banking group's plan to downsize its business in Asia. During the 2008 crisis, ING won a government bailout package worth 10 billion euro.
ING initially planned to sell the entire business to a single buyer, but it later opted to split up the business for sale to different buyers. While selling the asset management business in Thailand, it still owns similar business in South Korea, Hong Kong, Malaysia, Taiwan and Japan.
