(Reuters) – ING Group NV will sell its 50 percent stake in its Chinese insurance joint venture ING-BOB Life Insurance Company to BNP Paribas Cardif, the insurance arm of BNP Paribas
* The transaction, which is subject to regulatory approval, is not expected to have a material impact on ING Group results
* The transaction is part of ING’s earlier announced process to divest ING’s insurance and investment management businesses
* Today’s announcement does not affect ING Bank’s 13.7% stake in Bank of Beijing, nor does it affect ING’s Commercial Banking activities in China
* ING’s Chinese life insurance joint venture was established in 2002 and today operates eight branches in seven provinces and municipalities in China
ING sells stake in Chinese insurance JV to BNP Paribas
