ING Aetna may buy 5%-10% stake in Fubon Financial Holding

ING Aetna Insurance Co may buy a 5% to 10% stake in Fubon Financial Holding Co<2881>, a prominent financial holding company in Taiwan, according to sources.

The primary reason behind the move is in view of Fubon's marketing network for banking and insurance products, as well as the Taiwan firm's prospective presence in China, the report said.

On top of it, market insiders disclosed that ING will acquire the proposed stake in Fubon provided that the latter agreed to sell ING’s insurance products through its subsidies.

ING Aetna Insurance (Taiwan) is a unit of ING Group N.V. Fubon, Taiwan's second largest financial service supplier focuses on diversified activities, including property and casualty insurance, securities brokerage and underwriting, securities financing and refinancing, margin lending, commercial banking and life insurance underwriting.