ING has completed the sale of its insurance operations in Malaysia to AIA Group.

The sale is part of ING's plan to let go of its Asian insurance and investment management businesses, announced early this year. In 11 October 2012, the company received a total cash consideration of around €1.3 billion ($1.7 billion) for its Malaysian unit. 

ING said it will issue a statement on the fate of its remaining Asian businesses if and when appropriate. This includes the divestment of ING Life Korea, whose process is ongoing.

The purchase by AIA Group includes ING's life insurance business, its employee benefits business and its 60 per cent stake in ING Public Takaful Ehsan Berhad. ING Investment Management's funds management division is not included in this transaction.