ING finds buyer for Macau, H.K. insurance units

ING Groep NV of the Netherlands is about to ink an agreement to sell its Hong Kong, Macau and Thailand insurance businesses for about US$2.2 billion (MOP17.6 billion). The buyer is Richard Li Tzar Kai, the son of Asia’s richest man, three people familiar with the matter have told Bloomberg, our sister publication Business Daily reports today. The company is selling its insurance operations, after being told by European authorities to get rid of those in order to receive financial aid.