ING sells stake in Chinese investment firm for 98 mln euros

AMSTERDAM Oct 8 (Reuters) - Dutch bank and insurance group ING said on Monday it has agreed to sell its 33.3 percent stake in Chinese investment management firm China Merchants Fund for 98 million euros ($128 million) to the two other joint venture partners.

ING said in a statement the sale was part of its strategy to divest its Asian insurance and investment management operations. It expected to make a net gain of 64 million euros.

China Merchants Bank Co Ltd and China Merchants Securities Co Ltd are the buyers of ING's stake, ING said. (Reporting by Gilbert Kreijger; Editing by Sara Webb)