ING Hires Goldman to Advise on Sale

ING has hired Goldman Sachs to handle the sale of its Asian operations, Reuters wrote Friday. The value of ING’s Asian business has been estimated by some analysts at more than $6 billion, Reuters reported.

(Reuters) – Dutch bancassurer ING has hired Goldman Sachs to handle the sale of its Asian operations, a source close to the matter told Reuters on Friday, as the company seeks options for the division after scrapping its original plan.

JP Morgan is also expected to get an advisory role for the auction, sources said, though they could not confirm if the bank was officially hired.

Some analyst and banker estimates put the value of ING’s Asian businesses at more than $6 billion, which would make it the biggest Asia insurance M&A deal ever.

The appointment of the banks comes a day after ING CEO Jan Hommen announced that the company had ditched a proposal to list its combined European and Asian insurance and investment operations, and would instead consider other options for its Asian businesses.

Goldman, J.P Morgan and ING declined to comment. Sources were not authorised to speak to the media because details were not yet public.