(18 July 2006 – Europe) ING Group has agreed to buy ABN Amro’s asset management business in Taiwan.ING will pay ABN Amro US$86.2 million for the business, which is the fifth largest domestic mutual fund manager in Taiwan.
ING said the purchase would bolster its position as Taiwan’s largest asset manager, adding an extra 2.9 billion euros in assets under management to give it 10.8 billion euros in assets under management overall.
ABN Amro said the sale of the business was part of its strategy to focus on its Taiwanese offshore funds business and leveraging its international asset management platform.