ING Declines to Give Details on Process SulAmerica Stake Sale

ING Groep NV (INGA), the biggest Dutch financial services company, won’t provide further details on the selling process of its 36 percent stake in SulAmerica, ING spokesman Raymond Vermeulen said in an interview today.

ING plans to sell its stake in SulAmerica in a deal that may be valued at $1 billion, the Financial Times reported today, citing unidentified people close to the transaction.

“As you know we have to divest insurance operations before the end of 2013. When we announced the sale of the Latin America insurance unit we’ve indicated we plan to sell our stake in Sul America separately,” ING’s Vermeulen added.

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