ING Group NV will sell its 50% stake in one of its two insurance joint ventures in China to China Construction Bank Corp., the companies said Tuesday.
ING said the deal will allow it to exit Pacific Antai Life Insurance Co., its 50-50 joint venture with China Pacific Insurance Group.
The Dutch financial conglomerate said it will maintain its 50-50 joint venture with Beijing Capital Group Co., ING Capital Life.
ING said the deal is subject to regulatory approval and should be completed in the second half of 2010.
China Construction Bank said in a separate statement that the country's insurance and banking regulators will review the deal.
To pay back a government bailout, ING agreed to sell its insurance business, ING Direct USA and some of its Dutch retail banking operations.
