ING Group announced on Monday that it will sell its Latin American insurance division to Grupo de Inversiones Suramericana (Grupo Sura), in Colombia, for $3.9 billion, as the Dutch Financial services giant continues to restructure and shed assets.
Under the terms of the agreement, Grupo Sura would acquire ING’s pensions, life insurance, and investment management operations in Chile, Colombia, Mexico, Peru, and Uruguay. ING expects a gain of about $1.4 billion from the sale, a sum that will be used to reduce debt.
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