Dutch financial services firm ING has completed the sale of approximately 7.9% direct stake in Brazil-based insurance provider Sul América to International Finance Corporation (IFC).

The sale follows the agreement that ING entered into to sell 26.5 million units of Sul América (7.9% of outstanding shares) for approximately $185m (€140m).

Earlier in February, ING agreed to sell 36.5% stake in the Brazilian company to Larragoiti family. This transaction, which is expected to close in the second half of 2013 subject to regulatory approvals, will reduce ING’s equity interest in Sul América to approximately 21.5%.

Based on the share price of R$13.43 and current exchange rates, the market value of ING’s remaining stake in the Brazilian insurer is estimated to be approximately €340m.