ING plan cocktail kleider s to sell one of its two insurance JVs in China
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ING plans to sell one of its two insurance JVs in ChinaPublished: 29 Mar 2009 16:52:30 PST

Mar. 30, 2009 (China Knowledge) - ING Groep N.V., an Amsterdam-based global financial institution, plans to sell one of its two joint ventures, namely ING Capital Life and Pacific Antai Life Insurance Company, in China this year, in a bid to shore up its capital, Reuters reported, citing an executive with its Asia-Pacific unit on Thursday.

The executive also said that ING, which is implementing its plan of cutting 7,000 worldwide, including 900 jobs in the Asia-Pacific region, had shelved its plan to apply for a banking license in China due to the deepening economic crisis.

The moves are part of the company's efforts of coping with the financial difficulties amid the economic downturn, said the report.

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