AIA Group Ltd has agreed to buy ING’s Malaysian insurance unit and is expected to pay $1.7 billion, according to media reports.
Both the insurance companies declined to comment about the deal. The deal is expected to be announced soon. Though regulatory approvals may delay the official announcement, the reports added.
AIA was in the lead to buy both the Malaysian and Thai units of ING. However, ING is now bundling the Thai unit with its much larger Japan and Hong Kong operations and selling that group to another suitor, the reports said.
