ING completes sale of ING Direct USA
(Thomson Reuters ONE) -
ING announced today that it has completed the sale of ING Direct USA to Capital
One as announced on 16 June 2011.
"Today's announcement marks a further important step in the restructuring of ING
Group. Yet at the same time we are saying goodbye to a very successful business
and a dedicated team that has set the standard in direct banking in the US. The
combination of ING Direct USA and Capital One will build on this success in the
interests of both our customers and our employees. I am confident that ING,
through its stake in Capital One, will benefit from the success of the combined
company", said Jan Hommen, CEO of ING Group.
Total proceeds of the transaction are approximately USD 9.0 billion (or
approximately EUR 6.9 billion), including USD 6.3 billion in cash and USD 2.7
billion in the form of 54.0 million shares in Capital One, based on the share
price of USD 49.29 at closing on 16 February 2012. These shares represent a
9.7% stake in Capital One at closing.
The transaction has resulted in a positive result after tax of approximately EUR
0.5 billion. The sale has a positive impact on ING Bank's core Tier 1 ratio of
approximately 80 basis points, leading to a pro-forma core Tier 1 ratio of
10.4% at closing, based on core Tier 1 of 9.6% per 31 December 2011.
In connection with the divestment of ING Direct USA, ING also completed the
adjustment of the agreement with the Dutch State concerning the structure of the
Illiquid Assets Back-up Facility (IABF) which was also announced on 16 June
2011. The amendment serves to delink the IABF from ING Direct USA by putting ING
Bank in its place as counterparty for the Dutch State. The IABF is further
amended to ensure a continued alignment between ING and the State regarding
exposure to the Alt-A portfolio. Only the part of the IABF covering ING Direct
USA, currently approximately 85% of the total IABF-portfolio, is adjusted in the
amendment. The ING Insurance part of the IABF remains unaltered.
After the divestment of ING Direct USA, ING will remain active in the Unites
States with its operations in insurance, retirement services and investment
management and through its subsidiary ING Financial Holdings, offering
commercial lending, corporate finance and financial markets products and
services. ING Direct's operations in Canada, Spain, Australia, France, Italy,
Germany, the United Kingdom and Austria are also not impacted by today's
announcement.
Press enquiries Investor enquiries
Carolien van der Giessen Alexander Mollerus
+31 20 576 6393 +31 20 576 6310
Carolien.van.der.Giessen(at)ing.com Alexander.Mollerus(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) consequences of a potential (partial) break-up of the
euro, (4) the implementation of ING's restructuring plan to separate banking and
insurance operations, (5) 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, (6) the frequency and severity of insured loss events, (7)
changes affecting mortality and morbidity levels and trends, (8) changes
affecting persistency levels, (9) changes affecting interest rate levels, (10)
changes affecting currency exchange rates, (11) changes in customer and
policyholder behaviour, (12) changes in general competitive factors, (13)
changes in laws and regulations, (14) changes in the policies of governments
and/or regulatory authorities, (15) conclusions with regard to purchase
accounting assumptions and methodologies, (16) changes in ownership that could
affect the future availability to us of net operating loss, net capital and
built-in loss carry forwards, and (17) 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 does 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/1587151/497818.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#1587151]
Unternehmensinformation / Kurzprofil:
Datum: 17.02.2012 - 16:48 Uhr
Sprache: Deutsch
News-ID 116148
Anzahl Zeichen: 6443
contact information:
Town:
Amsterdam
Kategorie:
Business News
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"ING completes sale of ING Direct USA"
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