The prospective sale of ING’s Asian insurance business has heated up with the news that AIA, Asia’s third largest insurer, is expected to hire Deutsche Bank and Morgan Stanley for a bid. What will this mean for ING’s employees, particularly in Hong Kong, its regional headquarters?

Staff could be let go – or not

Retrenchments are always possible with any takeover, says Patrick Tan, managing director, Key International Search & Consulting. However, he reckons senior ING staff are likely to be retained. “AIA has been growing from strength to strength in the last 12 to 18 months, hiring some very good candidates, so I definitely think there’s room to absorb people from ING, which is known to have strong talent, especially in Malaysia.”

News of an impending takeover doesn’t seem to have affected employee sentiment that much, says one Hong Kong-based recruiter, who asked not to be named. “Talk of a sale has been going on for some time. I think employees have gotten quite numb to be honest. In fact if anything, I feel employees are likely to welcome the news that they could potentially work for AIA.”

However, the headhunter thinks redundancies are unlikely. “ING will still need its people; agencies still need to be run.”

A third source tells us that although ING continues to recruit junior- to mid-level candidates in Hong Kong, it has put senior-level hiring on hold. “I don’t see any redundancies at the moment, but it’s too early too tell, nobody really knows.”

Take heart: You’re in insurance

Even if you are laid off from ING, recruiters we spoke to believe insurance professionals will have an easier job hunt than their banking peers. “The demand for talent is there. It’s organic growth, not one with sudden spikes,” says Tan. Demand continues, particularly in technical fields like claims, actuarial work and underwriting, he adds.