ING to sell 49% stake in KB Life to KB Financial Group
(Thomson Reuters ONE) -
ING announced today it has agreed to sell its 49% stake in Korean insurance
venture KB Life Insurance Company Ltd. (KB Life) to joint venture partner KB
Financial Group, one of Korea's leading financial institutions.
Under the terms of the agreement, ING will receive a total cash consideration of
KRW 166.5 billion (approximately EUR 115 million at current exchange rates) for
its 49% stake in KB Life. The transaction announced today is not expected to
have a material impact on ING Group results. Subject to regulatory approval, it
is expected to close in the second quarter of 2013.
The transaction announced today is part of ING's earlier announced process to
divest ING's insurance and investment management businesses. The process to
divest the remaining insurance and investment management businesses in Asia,
including ING Life Korea and ING's funds management business in Korea, is on-
going. Any further announcements will be made if and when appropriate. Today's
announcement does not affect ING's Commercial Banking activities in South Korea.
KB Life was established in 2004 and has grown to be a leading multi-channel life
insurance company in Korea, offering savings, annuities and protection products
for Korean individuals and families.
KB Financial Group, one of Korea's leading financial institutions, is active in
Korea in a range of financial services, including banking, credit cards,
securities, life insurance, asset management and venture capital. In February
2013 ING Group announced it had sold the 5% stake it had in KB Financial Group
in a block trade to institutional investors.
Press enquiries Investor enquiries
Victorina de Boer Investor Relations
+31 20 57 66373 +31 20 57 66396
Victorina.de.Boer(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) 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 investor, 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, (17) changes in
credit-ratings, (18) ING's ability to achieve projected operational synergies
and (19) the other risks and uncertainties detailed in the Risk Factors section
contained in the most recent annual report of ING Groep N.V. Any forward-looking
statements made by or on behalf of ING speak only as of the date they are made,
and, 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/1694286/557169.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#1694286]
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