ING agrees to sell part of its direct stake in SulAmérica to IFC
(Thomson Reuters ONE) -
NG announced today that it has agreed to sell part of its direct stake in Sul
América S.A. (SulAmérica) to International Finance Corporation (IFC). ING has
agreed to sell approximately 26.5 million units of SulAmérica, representing
approximately 7.9% of SulAmérica's outstanding shares, for a total consideration
of 400 million Brazilian Reais (roughly USD 200 million or EUR 155 million at
current exchange rates). These shares have been released from the obligations of
the shareholders agreement between ING and the Larragoiti Family as announced on
28 February 2013.
Upon the closing of both the sale to IFC and the transaction with the Larragoiti
Family (in which ING agreed to reduce its 36.5% stake to just under 30%), ING's
equity interest in SulAmérica will be reduced to approximately 21.5%. The market
value of the remaining stake is approximately EUR 410 million based on the
closing share price of 15 May 2013 (R$14.95) and current exchange rates. The
transaction with IFC is expected to close within 30 days, while the transaction
with the Larragoiti Family is expected to close in the third quarter of 2013 as
it is subject to regulatory approvals.
ING entered into the joint-venture with the Larragoiti Family in 2002 and has
contributed to the successful development of SulAmérica for more than ten years.
The transaction, announced today, is part of the ING Group restructuring plan
for the divestment of all its Insurance and Investment Management operations as
agreed upon with the European Commission. ING will review options for the
divestment of its remaining 21.5% stake as and when appropriate.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector in developing countries.
With operations in more than one hundred (100) developing countries, IFC allows
companies and financial institutions in emerging markets to create jobs,
generate tax revenues, improve corporate governance and environmental
performance, and contribute to their local communities.
SulAmérica is the largest independent insurance group in Brazil, with operations
in several insurance lines. Its business lines are supported by diversified
distribution capabilities that, as of December 2011 included a network of more
than 30,000 independent insurance brokers. SulAmérica also has partnerships with
more than 20 financial- and retail institutions, adding a further 16,000 points
of sale.
Press enquiries Investor enquiries
Ingeborg Klunder Investor Relations
+31 20 57 66371 +31 20 57 66396
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) 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 the press release:
http://hugin.info/130668/R/1702137/562635.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#1702137]
Unternehmensinformation / Kurzprofil:
Datum: 16.05.2013 - 22:14 Uhr
Sprache: Deutsch
News-ID 261156
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Kategorie:
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