X Close


Tuesday February 14, 2012

Prudential hires Merrill to advise on ING Asia bid

SEOUL: Prudential Financial Inc, the No. 2 US life insurer, has hired Bank of America Merrill Lynch to advise on its possible bid for ING Groep NV's Asian insurance operations, South Korean media reported, in what is potentially Asia's second biggest insurance sale ever.

The Korea Economic Daily said that small local insurer Korea Life Insurance Co Ltd was also looking into a takeover bid for all of ING's Asian insurance assets, citing unnamed industry sources.

Korea Life, which is already vying with Prudential for local peer Tong Yang Life Insurance Co Ltd, said earlier this month that it was reviewing the feasibility of bidding for ING's Asia-Pacific insurance operations.

Investment banks are competing hard for a role in the deal and a cut of an estimated US$60mil in combined deal fees, according to consultancy Freeman & Co.

ING, which announced a lower-than-expected quarterly profit on Thursday, may divest some of its Asian insurance or investment management operations separately, but such operations would be small, ING chief executive Jan Hommen said earlier.

AIA Group Ltd was expected to name Deutsche Bank AG and Morgan Stanley as advisers for a possible bid that could be worth more than US$6bil for ING's Asian insurance operations, sources told Reuters earlier.

The South Korean office of Prudential declined to comment. Reuters


  1. Malaysian passport 9th best in the world
  2. Japanese oil tanker robbed, three crew believed kidnapped in dramatic dawn raid
  3. KL set to be in 'security lockdown'
  4. Wanted: A rational water plan
  5. 'Godfather' believed to have killed 13-year-old boy
  6. Every kind of success in life depends on our virtues as a person
  7. Brave boy comforts family
  8. College staff turn to loan sharks after salaries unpaid for four months
  9. David Moyes parts ways with Manchester United, Ryan Giggs temporarily takes charge
  10. Selangor MB Khalid: Can't stop water rationing yet, but will review next week