ING has finally completed the sale of its 33.3 per cent stake in China Merchants Fund, an investment management joint venture, to its JV partner China Merchants Bank. This is another divestment made by the Dutch financial services group.

The deal was previously announced in 8 October 2012, where ING said it will receive around $127 million for the deal. The sale is part of ING's efforts to divest its non-core insurance and money management businesses in line with an agreement with the European Commission related to funding support it received during the 2008 financial crisis. 

ING cleared in a statement that this latest transaction will not have a material impact on ING Group results.

Earlier this week, ING announced it has completed the sale of its investment management business in South Korea to Macquarie, the Australian bank.

The business had disposed of a number of businesses in recent years, such as selling its Singapore-based private bank to OCBC, which subsequently renamed it Bank of Singapore.