ING completes sale of part of its direct stake in SulAmérica to IFC
(Thomson Reuters ONE) -
ING announced today that it has completed the sale of part of its direct stake
in Sul América S.A. (SulAmérica) to International Finance Corporation (IFC).
As announced on 16 May 2013, 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
185 million or EUR 140 million at current exchange rates).
Upon the closing of the transaction with the Larragoiti Family (as announced on
28 February 2013), ING's equity interest in SulAmérica will be reduced to
approximately 21.5%. The market value of the remaining stake is approximately
EUR 340 million based on the closing share price of 13 June 2013 (R$13.43) and
current exchange rates. The transaction with the Larragoiti Family is expected
to close in the second half of 2013 as it is subject to regulatory approvals.
Press enquiries Investor enquiries
Ingeborg Klunder Investor Relations
+31 20 57 66371 +31 20 57 66396
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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/1709402/566666.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#1709402]
Unternehmensinformation / Kurzprofil:
Datum: 14.06.2013 - 22:01 Uhr
Sprache: Deutsch
News-ID 269971
Anzahl Zeichen: 5136
contact information:
Town:
Amsterdam
Kategorie:
Business News
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"ING completes sale of part of its direct stake in SulAmérica to IFC"
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