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Feb 23, 2012

ING to sell Asia insurance JVs separately – sources

HONG KONG, Feb 23 (Reuters) – ING Groep NV is
planning to sell its three Asian insurance joint ventures
separately from its other Asia assets so that the overall sale
is not held up by negotiations with partners, two sources with
direct knowledge of the situation said.

ING has insurance joint ventures in China, India and Korea.
In China, it is partnered with Bank of Beijing Life
Insurance ; in India, its partner is Vysaya Life
Insurance, while in Korea it has a tie-up with KB Life
Insurance.

Feb 23, 2012

Buffett’s Berkshire muscles into Thai reinsurance

HONG KONG/BANGKOK (Reuters) – Warren Buffett’s Berkshire Hathaway (BRKa.N: Quote, Profile, Research, Stock Buzz) is pushing into the Thai reinsurance market and selling cover for higher rates, taking advantage of the retreat of competitors such as France’s CCR after they suffered losses from last year’s floods.

The presence of the U.S. conglomerate in the Thai market was confirmed by several sources in the insurance industry, including one who said Berkshire began doing business in the country in late December.

Feb 16, 2012

Japan assets may impede ING’s Asia sale

HONG KONG/TOKYO, Feb 16 (Reuters) – ING’s Japan unit
is proving to be a stumbling block in the auction of its Asia
insurance business that is expected to fetch more than
6 billion euros, with sources saying the Dutch group may have no
choice but to retain the Japan unit for now.

Japan is one of ING’s two biggest Asian operations,
so what becomes of it in the event of a sale is important.
The concern has to do with the 18 billion euros worth of
high-guarantee variable annuity policies the Japan operation has
on the books.

Jan 17, 2012

AIA sizes up bid for $6 billion ING Asia insurance unit: sources

HONG KONG (Reuters) – AIA Group Ltd (1299.HK: Quote, Profile, Research, Stock Buzz), Asia’s No.3 insurer and about one third owned by American International Group Inc (AIG.N: Quote, Profile, Research, Stock Buzz), is considering bidding for Dutch ING’s (ING.AS: Quote, Profile, Research, Stock Buzz) around $6 billion Asian insurance operations, sources said, with the prospective sale expected to draw heavy interest from rivals.

AIA, which was the crown jewel in bailed-out insurer AIG’s global business, has invited four banks to pitch for advisory roles for a possible offer, two sources familiar with the process told Reuters. The sources declined to be identified as they were not authorized to speak to the media.

Jan 17, 2012

AIA sizes up bid for ING Asia insurance unit – sources

HONG KONG (Reuters) – AIA Group Ltd, Asia’s No.3 insurer and about one third owned by American International Group Inc, is considering bidding for Dutch ING’s around $6 billion (3 billion pounds) Asian insurance operations, sources said, with the prospective sale expected to draw heavy interest from rivals.

AIA, which was the crown jewel in bailed-out insurer AIG’s global business, has invited four banks to pitch for advisory roles for a possible offer, two sources familiar with the process told Reuters. The sources declined to be identified as they were not authorised to speak to the media.

Jan 13, 2012

ING taps Goldman to advise on sale of $6 billion Asia operations

HONG KONG (Reuters) – Dutch bancassurer ING (ING.AS: Quote, Profile, Research, Stock Buzz) has hired Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) to handle the sale of its Asian operations, a source close to the matter told Reuters on Friday, as the company seeks options for the division after scrapping its original plan.

JP Morgan (JPM.N: Quote, Profile, Research, Stock Buzz) is also expected to get an advisory role for the auction, sources said, though they could not confirm if the bank was officially hired.

Jan 13, 2012

ING taps Goldman to advise on sale of $6bln Asia unit-source

HONG KONG, Jan 13 (Reuters) – Dutch bancassurer ING
has hired Goldman Sachs to handle the sale of
its Asian operations, a source close to the matter told Reuters
on Friday, as the company seeks options for the division after
scrapping its original plan.

JP Morgan is also expected to get an advisory role
for the auction, sources said, though they could not confirm if
the bank was officially hired.

Nov 11, 2011

MF Global fires brokerage staff en masse

NEW YORK, Nov 11 (Reuters) – MF Global (MFGLQ.PK: Quote, Profile, Research) fired all
1,066 of its brokerage employees on Friday, triggering anger
and resentment about the firm’s collapse after bad bets on
European debt under former CEO Jon Corzine’s leadership.

How the final blow was delivered upset many staff — with
some learning by email and others through news on the
television.

Nov 11, 2011

More than 1,000 MF Global workers let go

NEW YORK (Reuters) – MF Global fired all 1,066 of its brokerage employees on Friday, triggering anger and resentment about the firm’s collapse after bad bets on European debt under former CEO Jon Corzine’s leadership.

How the final blow was delivered upset many staff — with some learning by email and others through news on the television.

Nov 7, 2011

Groupon travels ‘tortured’ road to Nasdaq

Nov 4 (Reuters) – When Groupon Inc filed its plan
to go public with U.S. regulators in June, Chief Executive
Andrew Mason proclaimed in a letter to prospective shareholders
that “life is too short to be a boring company.”

In the months that followed, the daily deals website, which
offers discount coupons for local shops and services, was
anything but boring as a series of blunders threatened its
initial public offering.

    • About Clare

      "I am based in New York and write about IPOs and wealth management. I was formerly based in San Francisco, where I wrote about tech companies."
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