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ING to sell Mexican mortgage business to Banco Santander

ING (ING) announced it has reached an agreement to sell ING Hipotecaria, its mortgage business in Mexico, to Banco Santander (SAN). The transaction is part of ING's earlier announced process to divest its insurance and investment management businesses. The transaction is not expected to have a material impact on ING Group results. Subject to regulatory approvals, it is expected to close in 2H.