ING provides update on restructuring plans
(Thomson Reuters ONE) -
· ING revises base case for divestment of Insurance and Investment
Management EurAsia due to the uncertain economic outlook and turbulent financial
markets
· ING will explore other options for its Asian Insurance/IM businesses
· Preparations for a standalone future of European Insurance/IM to be
continued
· Base case of an IPO for the US Insurance/IM businesses remains
unchanged
ING today announces an update on the restructuring plans of the Group. Since
November 2010 ING has been preparing its Insurance and Investment Management
businesses for the base case of two IPOs - one for the US business and one for
the European and Asian businesses.
Jan Hommen, CEO of ING Group: "However, given the uncertain economic outlook and
turbulent financial markets, especially in Europe, ING has decided to explore
other options for its Asian Insurance and Investment Management businesses."
ING will continue preparations for a standalone future of the European
Insurance/Investment Management businesses, including an IPO. ING also continues
to prepare for the base case of an IPO for the US Insurance/Investment
Management business. "ING is committed to conducting these processes with the
utmost diligence in the interests of all stakeholders, including customers,
employees, distribution partners and shareholders," Jan Hommen said.
Press enquiries Investor enquiries
Ingeborg Klunder ING Group Investor Relations
+31 20 541 6526 +31 20 541 5460
Ingeborg.Klunder(at)ing.com Investor.relations(at)ing.com
ING PROFILE
ING is a global financial institution of Dutch origin, offering banking,
investments, life insurance and retirement services to meet the needs of a broad
customer base. Going forward, we will concentrate on our position as an
international retail, direct and commercial bank, while creating an optimal base
for an independent future for our insurance and investment management operations
IMPORTANT LEGAL INFORMATION
Certain of the statements contained herein are not historical facts, including,
without limitation, certain statements made of future expectations and other
forward-looking statements that are based on management's current views and
assumptions and involve known and unknown risks and uncertainties that could
cause actual results, performance or events to differ materially from those
expressed or implied in such statements. Actual results, performance or events
may differ materially from those in such statements due to, without limitation:
(1) changes in general economic conditions, in particular economic conditions in
ING's core markets, (2) changes in performance of financial markets, including
developing markets, (3) the implementation of ING's restructuring plan to
separate banking and insurance operations, (4) changes in the availability of,
and costs associated with, sources of liquidity such as interbank funding, as
well as conditions in the credit markets generally, including changes in
borrower and counterparty creditworthiness, (5) the frequency and severity of
insured loss events, (6) changes affecting mortality and morbidity levels and
trends, (7) changes affecting persistency levels, (8) changes affecting interest
rate levels, (9) changes affecting currency exchange rates, (10) changes in
customer and policyholder behaviour, (11) changes in general competitive
factors, (12) changes in laws and regulations, (13) changes in the policies of
governments and/or regulatory authorities, (14) conclusions with regard to
purchase accounting assumptions and methodologies, (15) changes in ownership
that could affect the future availability to us of net operating loss, net
capital and built-in loss carry forwards, and (16) ING's ability to achieve
projected operational synergies. ING assumes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information or
for any other reason. This document, and any other document or presentation to
which it refers, do not constitute an offer to sell, or a solicitation of an
offer to buy, any securities.
PDF version of press release:
http://hugin.info/130668/R/1577011/491578.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ING Group via Thomson Reuters ONE
[HUG#1577011]
Unternehmensinformation / Kurzprofil:
Datum: 12.01.2012 - 08:29 Uhr
Sprache: Deutsch
News-ID 103471
Anzahl Zeichen: 5291
contact information:
Town:
Amsterdam
Kategorie:
Business News
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"ING provides update on restructuring plans"
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