ING announced that they have reached an agreement to sell its investment management business in South Korea to the Australian based firm, Macquarie Group.

The transaction was announced as part of ING's announcement to divest its insurance and investment management businesses in South Korea.

ING is currently in the process to divesting the remaining insurance and investment management businesses in Asia. Included on the list is the ING Life Korea. The process is on-going and any further announcements will be made if and when appropriate.

The announcement does not impact the commercial banking activities of ING in South Korea.   

The investment management business of ING in South Korea manages an estimated KRW 25 trillion, which is EUR 17 billion worth of assets as of March 2013.

Macquarie is global provider of banking, financial, advisory, investment and funds management services based in Australia with more than 13,600 employees across 28 countries