ING to sell Investment Management business in South Korea to Macquarie
(Thomson Reuters ONE) -
ING announced today that it has reached an agreement to sell its investment
management business in South Korea to Macquarie Group, an Australia-based,
global provider of financial services. The transaction is not expected to have a
material impact on ING Group results. Subject to regulatory approvals, it is
expected to close in the fourth quarter of 2013.
The transaction announced today is part of ING's earlier announced process to
divest its insurance and investment management businesses. The process to divest
the remaining insurance and investment management businesses in Asia, including
ING Life Korea, is on-going and any further announcements will be made if and
when appropriate. Today's announcement does not impact ING's commercial banking
activities in South Korea.
ING's investment management business in South Korea manages approximately KRW
25 trillion (approximately EUR 17 billion) of assets as of 31 March 2013,
primarily for local institutional clients including ING Life Korea. Macquarie is
an Australia-based global provider of banking, financial, advisory, investment
and funds management services with more than 13,600 employees across 28
countries.
Press enquiries Investor enquiries
Victorina de Boer Investor Relations
+31 20 5766373 +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/1715209/569863.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#1715209]
Unternehmensinformation / Kurzprofil:
Datum: 10.07.2013 - 06:59 Uhr
Sprache: Deutsch
News-ID 276912
Anzahl Zeichen: 5352
contact information:
Town:
Amsterdam
Kategorie:
Business News
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