Hong Kong tycoon Richard Li returns to insurance with $2.1 billion ING deal
"Richard Li coming in and doing this doesn't really change the market because there's no consolidation. It's just a new owner for the ING assets," Barclays Asia insurance analyst Mark Kellock said before the official confirmation of the deal.
Li has two key lieutenants advising him on his insurance and financial services business - Martina Chung Kit Hung, a former AIA employee, and Alvin Chooi, an ex-Temasek Holdings TEM.UL insurance specialist - separate sources told Reuters.
The purchase would give Li access to ING's 270,000 customers and 1,600 tied agents in Hong Kong and Macau, and its 300,000 customers and 4,000 tied agents in Thailand.
($1 = 0.7621 euros)
(Additional reporting by Sara Webb in Amsterdam; Editing by Helen Massy-Beresford and Muralikumar Anantharaman)
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