ING Sheds Chile Assets

Dutch financial conglomerate ING has sold its annuities and mortgage assets in Chile to local privately held company Corp Group Vida Chile, the seller says in a filing with the local securities commission. A source with knowledge of the deal says that press reports indicating the deal value is around $350m “are not out of context.” A source close to the seller also says the price is “around that amount.” Citi and a joint venture between Banchile and Citi advised ING, while Corpvida did not have external advisors on the deal, market sources say.