ING Group has received all final regulatory approvals and completed the sale of part of its Mexican business, Seguros ING and subsidiaries, to AXA.
According to the company, this divestment is part of its strategy to focus on its core activities of banking, investments, life insurance and retirement services.
Under the terms of the agreement, ING sold companies that comprise its non-life businesses of P&C and Auto, plus its health and life insurance businesses, its Health Maintenance Organization (ISES) and its Bonding business for a total consideration of $1.5 billion.
Based on the purchase price, ING expects to realize a capital gain on the sale in a range between E150 and E200 million, depending upon the final balance sheet and closing adjustments as well as currency exchange rates. The transaction will be booked in the third quarter of 2008.