Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Macquarie to Buy ING’s South Korean Asset Management Business

July 10 (Bloomberg) -- 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.

To contact the reporter on this story: Angus Whitley in Sydney at

To contact the editor responsible for this story: Sarah Rabil at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.