81 billion) of state aid plus the 50 percent premium it still
ING Asia life insurance sale shifts into top gear
A sale topping $7 billion could rank as Asia top insurance M deal and would help the bailed out bancassurer repay the 3 billion euros ($3.81 billion) of state aid plus the 50 percent premium it still owes the Dutch government.ING has turned into a divestment machine since receiving the state aid and has sold 15.2 billion canada goose uk black friday euros worth of assets across the world. The Asian sales would figure among Canada Goose Online the top two deals from ING stable.As part of canada goose coats the Asian divestment, ING received about 10 initial bids for its Asian asset management business this week. The asset management business, expected to fetch between $500 million and $600 million, is being sold separately.ING sent out a dozen information memorandums for its insurance business, which spans southeast Asia and includes operations in Japan and South cheap canada goose uk Korea. Flowers Co is one of a handful of buyout shops interested in the process, sources canada goose clearance said.RARE ASSET ING Asian operations offer a ready canada goose factory sale platform for insurers keen to expand their Asian footprint and tap into the region rapid premium growth. Life insurance premiums in emerging Asia are forecast to grow at canada goose clearance sale 9.5 percent this year and Canada Goose Parka 8.7 percent next year, canada goose nearly three times the world average, according to Swiss Re estimates.is a once in a lifetime opportunity which Canada Goose Coats On Sale many CEOs will find hard to let go, said one banker who is advising a potential buyer.ING CEO Jan Hommen reinforced that assessment with his comment last week that he expected about 8 billion euros ($10.2 billion) for ING Asian operations.But sources said bidding was unlikely to reach that far and that offers might not climb much past $7 billion.Most buyers are likely to place aggressive bids in the first round in order to advance to the second round. But the deal has its own challenges and not all bidders are keen to lay their hands on the entire Asian pie.Potential buy canada goose jacket cheap buyers are cheap Canada Goose most wary of ING Japan insurance business due to Canada Goose Jackets uncertainty over liabilities arising from variable canada goose online annuity products on its books there.ING Southeast Asian operations are the most sought after, sources buy canada goose jacket said. ING has indicated Canada Goose sale that it prefers bids for the whole Asian business, Canada Goose Outlet though it is allowing offers for three geographic regions: Southeast Asia, South Korea and Japan.ING has prohibited bidders from forming consortiums uk canada goose in the first round canada goose store though Canada Goose online those who move into the second round could join hands and break up the asset.Around six bids are expected for the whole business, sources said. Other bids are expected canada goose uk shop for geographic chunks.ING decision to invite bids for geographic portions as well as its entire Asia operations is designed to enhance bid competition and maximize sale value, sources said.The short listed bidders are expected to be notified by the end of May and ING plans to hold management presentations in mid May, sources added.All companies mentioned in this report either declined to comment canada goose uk outlet or could not be reached for comment.BANKERS PAY DAY ING operates across seven Asian centers. Profits from its Asia Pacific insurance operations rose canada goose coats on sale 39 percent in the first quarter of 2012 from a year ago to 218 million euros ($282.2 million), according to the latest company filings.South Korea and Japan accounted for 77 percent of the profits while Malaysia accounted for 10 percent. Japan accounted for about 45 percent of Asia Pacific underlying profit before tax, followed by South Korea and Malaysia.For investment banks starved of IPOs and M deals, ING Asian divestment could provide a much needed boost. Bankers and lawyers stand to earn about $100 canada goose black friday sale million in fees if the deal is completed, some sources said.Freeman Co estimates banks could make $60 million to $70 million in advisory fees, excluding uk canada goose outlet financing, hedging and other revenue streams. The canadagooseoutlet4online calculation does not canadian goose jacket include lawyers fees.The M advisory fees will be the most significant but there could be additional money made on forex and interest hedging given the cross border nature of the transaction.