ING Group is eager to work with China Post and eyes more merger and acquisition opportunities in China, ING's Asia-Pacific head said over the weekend.

Hans van der Noordaa, chairman of ING's insurance and investment management for the Asia-Pacific, said yesterday in Shanghai that he has a "dream to team up with China Post to leverage the post body's" vast distribution network in China to expand its business.

Representatives of China Post have already visited ING's headquarters in Amsterdam.

It is still too early to talk about an alliance, but Noordaa has big plans for a tie-up to boost the growth of the world's 13th-biggest financial player in the fastest-growing major economy.

He downplayed the doubts of those who say some of China Post's clients can't afford ING's products and said simple and low-priced products can be developed.

He also said that ING has expertise in the area, citing its cooperation with the postal body in Japan.

As the second-biggest life insurer in the Asia-Pacific region, ING is also open for to more M&A activities in China's assets management sector, Noordaa said.

"We have a big appetite to do more in China," said Noordaa.

ING now has two insurance joint ventures in China: ING Capital Life and ING Pacific Life. ING holds a 50 percent stake in the two joint ventures and is ranked the No. 8 foreign player in China's insurance market for overseas players.

Noordaa said ING has no plans to merge its two existing insurance joint ventures.
The Dutch financial player also holds a 16.1 percent stake in the Bank of Beijing, which went public in late September.

The Asia-Pacific business now accounts for about five percent of ING's global profits and contributes 48 percent of the group's value of new business – indicators of great room for future growth and profits.