ING Group NV’s sale of its Asian investment management business has attracted bids from Japan’s Nikko Asset Management, Australia’s Macquarie Group Ltd. (MQBKY) and others, in an auction that could value the operations at around US$500 million, people familiar with the situation said Tuesday.

ING is also selling its larger Asian insurance operations, which could be valued at up to US$6 billion, to comply with the European Commission’s order that it sell its global insurance arm in return for the state aid received during the 2008 financial crisis.

Source: Wall Street Journal.  Read Full Article Here