ING will sell Latin American insurance unit to Grupo Sura of Colombia for $3.9 Billion
Monday, July 25, 2011
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ING Group agreed to sell most of its Latin American insurance operations to Grupo de Inversiones Suramericana, the parent company of Colombia’s largest bank, for about $3.9 billion.\
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The sale, which includes ING’s pensions, life insurance and investment management operations in Chile, Colombia, Mexico, Uruguay and Peru, will result in a gain of about 1 billion euros, the Amsterdam-based company said.\
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Grupo Sura, the parent company of Bancolombia seeks acquisitions in Central or South America.\
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Original source: Bloomberg\
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