The chief executive of ING Investment Management’s Asia-Pacific region, Grant Bailey, is leaving the firm, while ING has sold its Malaysian businesses as part of a continued divestment programme.

The chief executive of ING Investment Management’s Asia-Pacific region, Grant Bailey, is leaving the firm, Reuters reports.

His departure comes as ING is in talks to sell its Asian investment management business as part of the Dutch financial services firm's strategy of divesting assets.ING today said it has agreed to sell its Malaysian businesses to AIA for $1.7 billion, subject to regulatory approval. In the UK, meanwhile, the European firm has sold its ING Direct savings and loans business to Barclays, the UK-listed bank.

In the latest story, the news service quoted Bailey as saying: "I will be leaving the company in due course." He is leaving for personal reasons, the report added.

The news was initially reported by AsianInvestor, which said that Bailey's departure comes as talks between Ameriprise Financial and ING over sale of its Asian investment management business broke down.

ING, which suffered heavy losses in the 2008 financial crisis, has spun off a number of businesses. At the start of 2010, for example, ING Bank (Switzerland) was sold to Switzerland’s Julius Baer.

Malaysia

Commenting on the Malaysian deal, ING Group chief executive Jan Hommen said: "Today's announcement is the first major step in the divestment of our Asian insurance and investment management businesses and  shows that ING continues to make steady progress in the restructuring of our company. AIA is an established player in Asia, and the combination of our strong insurance operations with their longstanding track record in Malaysia will create a market leader well positioned to benefit from the growth opportunities available in the country."

The proposed transaction values ING's Malaysian insurance operations at 16.9 times 2011 earnings and 2.2 times a first-half 2012 book value of about €600 million. Earnings until closing are to the benefit of AIA. At closing, ING expects the sale to deliver a net gain of approximately €780 million, subject to potential adjustments at closing, customary for this type of transaction.