ING Sells Part of Mexican Operations to AXA

ING Group has agreed to sell to sell part of its Mexican Seguros ING unit to AXA for $1.5bn. ING will divest its health and life insurance lines, HMO and bonding business, in order to focus on its existing Mexican pension and annuities operations. ING, which will realize gains of EUR150m-EUR200m on the sale, is funding the purchase with its balance sheet. It is unclear whether it will seek outside funding. Debevoise & Plimpton and UBS advised AXA on the sale, while Cleary Gottlieb Steen & Hamilton and JPMorgan reportedly advised ING.