Dutch financial services firm ING Group is selling its investment management business in South Korea to Macquarie Group, the latest deal in its quest to divest its insurance and investment management businesses across the globe.

ING's investment management business in South Korea manages KRW 25 trillion, about €17bn of assets. Terms of the deal with the Australia-based Macquarie were not disclosed. The deal is expected to close in the fourth quarter of this year.