GrupoSura Pays up for ING Assets

Jul 26, 2011

Colombia’s Grupo de Inversiones Suramericana (GrupoSura) is paying a hefty price for ING’s insurance and other financial assets in Chile, Colombia, Mexico Uruguay and Peru, according to analysts that follow the company. GrupoSura agreed to acquire the assets for EUR2.68bn ($3.9bn), consisting of EUR65m in assumed debt and EUR2.615bn in cash. The deal values the assets at a 1.8x book...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management