Richard Li pays US$2.1b for ING's insurance assets

Richard Li Tzar-kai stepped up his game in the financial market by agreeing to pay US$2.14 billion for ING's insurance business in Hong Kong, Macau and Thailand yesterday.

The acquisition, at 1.9 times estimated book value of the target, will help Li's Pacific Century Group tap into the mainland and Southeast Asian markets.

via Business feed http://www.scmp.com/business/companies/article/1065362/richard-li-pays-us21b-ings-insurance-assets