Zurich Financial Services Group has finally bought all outstanding life insurance policies and other assets of ING Insurance Argentina, a subsidiary of ING Group.

Terms of the sale were not disclosed, but the local media estimated ING to have raised US$75mn, including the sale of some 53,000 life insurance policies and an office building to Spanish insurer Mapfre.

Moreover, it is said that ING plans to complete its withdrawal from the country by selling its banking subsidiary in Argentina. ING Bank in Argentina has slightly over Ps200mn (US$69mn) in assets and Brazil’s Banco Safra has been named as a likely contender.