Monday, March 9, 2009

ING Confirms It May Pull Out Of One China Insurance JV

AMSTERDAM -(Dow Jones)- ING Groep N.V. (ING) confirmed Monday that it may pull out of one of its two insurance joint ventures in China.

The South China Morning Post Monday cited the chairman and chief executive of ING Insurance and Investment Management for Asia-Pacific as saying that ING is reviewing the joint venture operations to improve capital allocation and comply with Chinese regulation.

ING spokesman Nanne Bos confirmed Monday that the group is reviewing its position in Chinese insurance business, including pulling out of one of the joint ventures. "We have been looking at this for quite some time, even before the financial crisis started," Bos said, adding that no further announcements will be made at the moment.

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