Financial services group ING has reached agreement to sell its Malaysian insurance activities to the AIA Group for €1.3bn in cash.

The sale is part of ING’s earlier-announced plans to sell its Asian insurance and asset management activities and will result in a net transaction gain of €780m.
‘Today’s announcement is the first major step in the divestment of our Asian insurance and investment management businesses and shows that ING continues to make steady progress in the restructuring of our company,’ chief executive Jan Hommen said in a statement.