ING Groep announced that they agreed to sell their 50% stake in the Chinese insurance joint venture, ING-BOB Life Insurance Company to BNP Paribas Cardif.

BNP Paribas Cardif is the insurance arm of BNP Paribas.

BNP Paribas is one of largest and leading global banking groups with headquarters in Paris, France. The company was formed through a merger between Nationale de Paris (BNP) and Paribas in 2000.

The transaction is part of the earlier announced process of ING to divest its investment management and insurance business. The process is set to divest the remaining business in Asia. Set transactions are termed as on-going and any development will be made when appropriate.

The ING Chinese life insurance joint venture operates 8 branches in 7 provinces and municipalities across China. The deal was made in 2002. The venture offers protection products to families in China as well as savings through an agency network and through bank branches.