ING sells stake in Chinese investment firm for 98 mln euros

AMSTERDAM, Oct 8 (Reuters) - Dutch bank and insurance groupING said on Monday it has agreed to sell its 33.3percent stake in Chinese investment management firm ChinaMerchants Fund for 98 million euros ($128 million) to the twoother joint venture partners.

ING said in a statement the sale was part of its strategy todivest its Asian insurance and investment management operations.It expected to make a net gain of 64 million euros.

China Merchants Bank Co Ltd and China MerchantsSecurities Co Ltd are the buyers of ING's stake, INGsaid.

(Reporting by Gilbert Kreijger; Editing by Sara Webb)


Messaging: gilbert.kreijger.reuters.com@reuters.net))

Keywords: ING CHINA/