ING, the Dutch banking and insurance group, has said that it is planning to sell its insurance businesses in Hong Kong and Macau to Pacific Century Group in a all cash deal worth US$2.14 billion.

ING chief executive Jan Hommen said in a statement that the deal represents a steady progress in the process of restructuring plans in the country. The company is aiming to divest from its insurance business in Asia but maintain a presence in the banking sector.

The company had announced in the previous week that it will sell Malaysian insurance activities for1.3 billion euros under its restructuring plans. The company said that it will net gain of about 1 billion euros during the first quarter of the next year.

Pacific Century Group, which was founded by Richard Li, chairman of Hong Kong's largest telecom operator HKT, runs businesses in financial services, real estate, satellite communications, media and telecommunication services in various Asian nations.

The company announced its plans to sell Asian business in January after it cancelled its plans for a combined European-Asian IPO sensible for its insurance business. The European Commission has recommended restructuring as ING looks to repay 10 billion euros in state aid it received in October 2008 during the financial crisis.