Pacific Century Group Announces Completion of the Acquisition of ING Hong Kong, Macau and
PCG will build on existing operations and invest in innovative
technology to provide better service to our customers
Hong Kong, 28 February 2013 – Pacific Century Group ("PCG" or the
"Group”) is delighted to announce that today the acquisition of the Hong Kong, Macau
and Thailand insurance businesses from ING Groep N.V. (“ING”) was completed following
receipt of necessary regulatory approvals. These acquisitions mark the first step in
PCG's plan to develop a world class panAsian insurance business to capitalise on the
long-term potential of the insurance sector through innovative products,
customer-friendly technology and the best in customer service across the region.
Richard Li, Chairman of PCG, said, “We are extremely impressed with the
enthusiasm of the staff and agents in these companies and we are confident that we have
solid foundations upon which to grow and develop a world-class operation.”
With a vision to redefine the insurance industry and practices across the region, PCG
has established a high quality and experienced group management team, which will be
further strengthened in the coming months. Furthermore, the Group is presently in the
process of developing a new identity and branding for its insurance business. The new
brand, to be unveiled in the coming months, will reflect the Group’s ambition for its
insurance operations to break new ground, conveying a fresher and more innovative
approach to accelerate the growth of the business and win the hearts of customers.
The Group has enjoyed collaborating with ING to ensure a smooth and seamless transition,
with no impact on current customers and their policies.
“Today is the beginning of our journey to build a world-class, pan-Asian insurance
business. We will strengthen our operations in Hong Kong, Macau and Thailand, as well
as look for opportunities to expand into other Asian markets. We will invest in people,
in customer-friendly new technology and in how we service our customers to ensure we
take forward a solid brand that will, in time, be one of the best,” commented Richard.
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About Pacific Century Group
Pacific Century Group (PCG) was established in 1993 and has interests in property,
financial services and other investments in the Asia Pacific region. PCG has a strong
track record of holding and developing assets over the long term, and has a network of
well-established connections in Asia. PCG previously owned Pacific Century Insurance, a
leading Hong Kong life insurance company that included PCI Investment Management. With
support from PCG, PCI Investment Management’s assets under management increased
seven-fold between 2000 and 2007, with a number of the company’s funds receiving awards
from Standard & Poor’s and Lipper.
In 2010, PCG bought the asset management operations of AIG, AIG Investments. Renamed
PineBridge Investments, the business has been significantly reformed. Lord Mervyn
Davies of Abersoch
, former Standard Chartered CEO and UK trade minister, was appointed
as Chairman in 2010. As of 30 November 2012, the company has an AUM of US $70 billion
in assets through its global network.