ING to sell stake in ING-BOB Life to BNP Paribas Cardif
(Thomson Reuters ONE) -
ING announced today that it has agreed to sell its 50% stake in its Chinese
insurance joint venture ING-BOB Life Insurance Company to BNP Paribas Cardif,
the insurance arm of BNP Paribas. The transaction, which is subject to
regulatory approval, is not expected to have a material impact on ING Group
results.
The transaction 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 is on-going and
any further announcements will be made if and when appropriate. Today's
announcement does not affect ING Bank's 13.7% stake in Bank of Beijing, nor does
it affect ING's Commercial Banking activities in China.
ING's Chinese life insurance joint venture was established in 2002 and today
operates eight branches in seven provinces and municipalities in China. It
offers savings and protection products to families in China through an agency
network and through bank branches.
Press enquiries Investor enquiries
Victorina de Boer ING Group 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/1714642/569448.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#1714642]
Unternehmensinformation / Kurzprofil:
Datum: 08.07.2013 - 06:15 Uhr
Sprache: Deutsch
News-ID 276050
Anzahl Zeichen: 5190
contact information:
Town:
Amsterdam
Kategorie:
Business News
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