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Richard Li nearing deal to buy ING's Hong Kong, Thai units-sources
October 18, 2012 / 9:50 AM / in 5 years

Richard Li nearing deal to buy ING's Hong Kong, Thai units-sources

HONG KONG, Oct 18 (Reuters) - Hong Kong businessman Richard Li, son of billionaire Li ka-Shing, is nearing a deal to buy ING’s Hong Kong and Thailand business for over $2 billion, sources with direct knowledge of the matter told Reuters on Thursday.

A deal could be announced as early as Friday, but could also be delayed to next week, the sources said. ING and Richard Li’s Pacific Century Group have entered final round of negotiations, they added.

A deal would come a week after the Dutch financial company announced the sale of its Malaysian business to AIA Group Ltd . ING is divesting assets across the world to help repay the 10 billion euro ($13.1 billion) state bail-out received during the 2008 financial crisis.

A spokesman for Richard Li declined to comment. ING declined to comment. The sources declined to be identified as the information is not public yet.

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