ING Groep NV, under European Union orders to divest assets, is near an agreement to sell its Hong Kong and Thailand insurance businesses for about $2.2 billion to Richard Li, son of Asia's richest man, said three people with knowledge of the matter.

The Dutch company is in final negotiations with Li and an announcement may come as early as today, said the people, asking not to be identified because the discussions are private. The proposed sale may value ING's Hong Kong business at about $2.1 billion and the Thai unit at less than $200 million, one of the people said.

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