The news agency said AIA is expected to pay $1.5bn to $1.7bn for the unit and quotes “sources familiar with the process” as saying that a deal could be announced as early as Thursday. Although Reuters added that its sources warned last-minute regulatory approvals could delay the official announcement.
In September, Reuters ran a report, also quoting “sources familiar with the process” which said AIA was in the lead to buy both the Malaysian and Thai units of ING. However, the news agency said its sources now believe ING is “bundling the Thai unit with its much larger Japan and Hong Kong operations” and selling that group to another suitor.
In July this year, ING was also linked, along with three other firms, to the purchase of Aviva’s Malaysian joint venture. The JV in question was a minority 49% stake in an insurance business co-owned with Malaysia’s second largest lender, CIMB Group Holdings.
