ING will sell its 50% stake in one of its two insurance joint ventures in China to China Construction Bank Corp, the two companies said Tuesday.
ING said the deal will allow it to exit from Pacific Antai Life Insurance Co., its 50-50 joint venture with China Pacific Insurance (Group) Co.
The Dutch financial conglomerate said it will maintain its 50-50 joint venture with Beijing Capital Group Co., Dalian-based ING Capital Life.
ING said the deal is subject to regulatory approval and should be completed in the second half of 2010.
China Construction Bank said in a separate statement the country’s insurance and banking regulators will review the deal.
