BNP Paribas Cardif, the insurance arm of BNP Paribas, is on an expansion roll in Asia with the recent takeover of ING's non-core businesses in China and a partnership with Bank of Beijing.

ING, the Dutch financial services group, has agreed to sell its 50 per cent stake in ING-BOB Life Insurance Company to BNP Paribas Cardif. BOB stands for Bank of Beijing - the other half of the joint venture which will become equal partners with ING once the sale meets regulatory approvals. 

The Dutch company's decision to let go of its interest is part of an earlier announcement to divest its insurance and investment management businesses. In a statement, ING has made clear that the sale will not have any impact on the 13.7 per cent stake ING Bank owns in Bank of Beijing, nor will it affect its commercial banking activities in the country. 

ING-BOB Life Insurance was established in 2002 and since then has grown to have eight branches in seven provinces and municipalities in China. The timing of the sale is right for BNP, as China is in the running to become of the largest life insurance markets in the world by 2020. According to Eric Lombard, chairman and chief executive of BNP Paribas Cardif, the firm generated €3.8 billion in gross written premiums in Asia in 2012, up 25 per cent from the previous year. 

BNP Paribas Cardif has been operating in Asia for 15 years and operates in China, India, Japan, South Korea, Taiwan, Thailand and Vietnam.