ING SELLS INSURANCE BUSINESS.(Internationale Nederlanden Groep N.V. sold Fatum to Guardian Holdings Ltd.)(Brief Article)

0 Comments | Caribbean Update, June, 2003

ING said April 25 it has finalized the sale of 99% of Fatum, its insurance business in the Netherlands Antilles and Aruba, to Guardian Holdings Ltd. The value of the transaction is approximately 45 million Euros. On Dec. 16, 2002, ING announced the agreement with Guardian, based in Trinidad & Tobago, to sell its Fatum operations. The sale was subject to certain conditions, including the approval by the Central Bank of the Netherlands Antilles for transferring the shares. This approval has now been obtained. Under the terms of the purchase, ING Group will retain a 1% interest in Fatum for a period of two years. Fatum operates in Curacao, Bonaire, the Windward Islands, and Aruba. Its head office is located in Curacao. Through a network of independent brokers, Fatum sells...