Macquarie Group Ltd., Australia’s largest investment bank, agreed to buy ING Groep NV’s South Korean investment management business to add 25.2 trillion won ($22 billion) of assets.
The deal is expected to close in the fourth quarter and won’t have a material impact on earnings, ING, the biggest Dutch financial-services company, said in a statement today. Neither company disclosed detailed terms.
Macquarie has been buying asset-management businesses from the U.S. to Asia since the global financial crisis to generate more predictable income as stock markets gyrate. The Sydney-based company said in a separate statement that today’s purchase will make it the largest foreign asset manager in South Korea.
“Asia is one of the key growth regions for us globally and having a presence in Korea is an essential cornerstone for our Asian strategy,” Axel Maier, head of Asian business at Macquarie’s investment management unit, said in the statement.
Amsterdam-based ING, which agreed to sell its global insurance and investment-management operations to win European Union approval for bailouts in 2008 and 2009, has since sold more than 25 assets for at least 20 billion euros ($26 billion).
ING said today it’s still planning to sell the rest of its insurance and investment management businesses in Asia, including ING Life Korea.