ING spins off Taiwan insurance biz

ING Groep N.V. said today that it would sell its Taiwanese life insurance business to Fubon Financial Holding Co., a Taipei-based financial services firm. Amsterdam, Netherlands-based ING jettisoned ING Life Taiwan of Taipei for $600 million. ING will receive shares and subordinated debt securities of Fubon Financial Holding and will become a 5% shareholder of the firm once the transaction closes. The firm said that the sale waqs in line with its strategy to focus capital on the businesses most likely to generate the highest returns. The purchase is subject to approval from Fubon’s shareholders and regulators and is expected to close in the first quarter of next year.