Some of the largest and most competitive Insurance companies are preparing for what is expected to be a highly sought after bidding war involving billions of dollars.
Dutch owned company ING Groep NV is the largest financial services company and it is rumoured to be seeking up to $7 billion for the sale. The extent of the price tag is said to be due to the solid foundation of the ING franchise, as well insurance companies desire to expand into a less competitive market.
The potential long term growth this deal has to offer as well as the rare event of a platform like this coming up for sale, has competition jumping at the offer. International renowned insurance companies including MetLife, Prudential Financial, Manulife Financial and Sun Life Financial are among those hiring advisers for assistance with the bidding.
The Asian insurance market is said to be critically important to the future of insurance companies who have not already penetrated the barely-touched market. ING currently have operations in countries such as China, Hong Kong India, Japan, South Korea, Thailand and more.
Some of the interested bidders are not interested in ING’s entire platform and are hoping to purchase one of the joint ventures which are said to be availble to be sold separately.It has been reported that Australian insurance companies are also likely to express interest in these dealings.
The sale of the asset has said to have been stimulated by the agreement made between the European Commission and ING regarding state aid in the 2008 financial crisis.
ING insurance in Australia recently changed to Onepath a division of the ANZ Bank
By Krystal Ayoub
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