Financial conglomerate ING sells its Latin American insurance business

( – ING Groep NV says it has agreed to sell most of its Latin American businesses to Gruposura for around 2.68 billion euros (US$3.81 billion). ING says it will receive 2.615 billion euros in cash and Gruposura will take on 65 million euros in debt for the businesses, which include ING’s insurance, investment management and pension management activities. The deal does not include ING’s 36-percent stake in Brazilian insurer Sul America SA.

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