Financial services group ING has reached an agreement to sell its life insurance, general insurance, pension and financial planning units in Hong Kong and Macau, and its life insurance operation in Thailand to Pacific Century Group for €1.64bn in cash.

The agreement is part of the bank’s plans to sell all its Asian insurance and investment management activities. Last week, ING said it had agreement to sell its Malaysian insurance activities for approximately €1.3bn.
‘The process for the remaining businesses is on-going. Further announcements will be made if and when appropriate,’ the bank said in a statement.