News eDaily01 Mar 2013

Asia:Pacific Century Group completes acquisition of ING units

01 Mar 2013

Pacific Century Group (PCG) has completed the acquisition of the Hong Kong, Macau and Thailand insurance businesses from ING Groep N.V. following receipt of necessary regulatory approvals.

“We are extremely impressed with the quality and enthusiasm of the staff and agents in these companies and we are confident that we have solid foundations upon which to grow and develop a world-class operation,” said Mr Richard Li, Chairman of PCG. "We will strengthen our operations in Hong Kong, Macau and Thailand, as well as look for opportunities to expand into other Asian markets." 

PCG is presently in the process of developing a new identity and branding for its insurance business. The new brand, to be unveiled in the coming months, will reflect the Group’s ambition for its insurance operations to break new ground, conveying a fresher and more innovative approach to accelerate the growth of the business and win the hearts of customers, according to a company statement.

It was announced in October last year that ING will sell the units to PCG for US$2.14 billion in cash.

In Hong Kong and Macau, ING provided life and non-life products as well as pension and financial planning services, with more than 270,000 customers through approximately 400 employees and 1,600 tied agents. In Thailand, the insurer offered life as well as pension products, with more than 300,000 customers through about 480 employees and over 4,000 tied agents.

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