Macquarie to Buy ING’s South Korean Asset Management BusinessAngus Whitley and Maud van Gaal
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.