ING has struck a deal with AMN Amro to buy its fund business in Taiwan for as much as $86 million, pending regulatory approval, The China Post reports. The deal would make ING the biggest fund company in the country, with a 17% market share, and comes at a time when ING is planning to expand even further into Asia and Eastern Europe. ING already has life insurance and investment banking businesses in Taiwan.
"This is a great event for two well-performing asset management companies to join together," said Chris Ryan, head of ING's Asia-Pacific business. "The new venture will help bring both companies' already professional teams to an even higher level. What's more, this partnership will allow us to complement each other so that we may offer better and more diverse products."
Further, with more assets under management, ING will be able to offer economies of scale, added Eddy Belmans, ING's regional director for North Asia.