Australia's Macquarie Group closed the deal with Dutch financial services firm ING Groep NV in South Korea.

The deal made between ING and Macquarie requires the approval of regulators, and upon completion puts Macquarie on course in become the largest foreign asset manager in South Korea.

As for the financial terms of the deal, these are scheduled to close in the fourth quarter of the year.

ING said the sale of the unit wasn't expected to have a material impact on its results. The unit manages fixed income and equities for both institutional and retail investors.

The deal is part of ING's announced process to divest its insurance and investment management businesses in South Korea.

 ING said the sale of its remaining insurance and investment management businesses in Asia is still ongoing.

Macquarie already offers services like leasing financing, capital raising, equities research and corporate advisory as well as fixed income and derivatives trading in South Korea.

Axel Maier, Macquarie Investment Management's Head of Asian Business said "Having a presence in Korea is an essential cornerstone for our Asian strategy."