ING announced today that it has reached an agreement to sell its 70%-stake in ING Funds Berhad (IFB), ING's investment management business in Malaysia, to Kenanga Investors Berhad (Kenanga Investors), a wholly owned subsidiary of K & N Kenanga Holdings Berhad (Kenanga). ING's joint venture partner Tab Inter-Asia Services Sdn Berhad has also agreed to sell its 30% stake to Kenanga Investors.

The transaction announced today will not have a material impact on ING's results and is subject to regulatory approvals. The transaction does not impact ING's other businesses in the region and is expected to close in the first quarter of 2013.

IFB is among the top 5 non-bank fund management houses in the country. It manages approximately EUR 500 million of assets for third parties across all traditional asset classes and has a multi-channel distribution network.

Kenanga Investors is a Malaysian multi-team and multi-style investment house that offers investment solutions to retail and institutional clients. Kenanga is listed on Bursa Malaysia, the Malaysian Stock Exchange in Kuala Lumpur.