ING Sells Remaining 10% Of SulAmérica For EUR170 Mln

(RTTNews) - Dutch financial services firm ING Group (ING) has sold its remaining 10 percent stake in SulAmérica S.A. through a block trade on the BM&F BOVESPA stock exchange. The sale generated about 170 million euros in cash proceeds.

The divestment is in line with the company's objective to divest its insurance and investment management businesses and focus on banking. The latest transaction completes the divestment of ING's stake in SulAmérica.

The trade was closed at BRL 15.31 per unit representing a 0.5 percent discount to the closing price of SulAmérica shares on June 26.

The deal is not expected to have a material impact on ING's financial results. The company intends to use the proceeds for the reduction of ING Group core debt. The firm expects to settle the transaction on July 2.

SulAmérica is the largest independent insurance group in Brazil, with operations in several insurance lines.