ING agrees to sell 11.3% direct stake in SulAmérica to Swiss Re
(Thomson Reuters ONE) -
ING announced today that it has reached an agreement with Swiss Re Group on the
sale of an 11.3% direct stake in Sul América S.A., further reducing its stake in
the Brazilian insurer.
Under the terms agreed, ING will sell approximately 37.7 million SulAmérica
units for a total cash consideration of approximately EUR 185 million (at
current exchange rates). The transaction is expected to result in a net gain to
ING of approximately EUR 100 million at closing. In accordance with IFRS, this
gain represents the difference between the book value and the fair value for
both the 11.3% stake in scope of the agreement announced today and the stake
retained. This stake will be accounted for as an investment at fair value going
forward. In line with previous announcements, ING intends to use the proceeds of
this transaction to reduce ING Group core debt.
The transaction announced today is part of ING Group's strategy to divest its
Insurance and Investment Management activities. The transaction reduces ING's
stake in SulAmérica to 10%, assuming completion before year-end of a transaction
(announced on 28 February 2013) under which ING agreed to sell a stake of
approximately 7% to the Larragoiti family, SulAmérica's main shareholder, swap
its remaining indirect stake for tradable shares, and unwind the existing
shareholder's agreement. ING and the Larragoiti family established the insurance
joint venture SulAmérica in 2002. ING will review options for the divestment of
its remaining 10% stake as and when appropriate.
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.
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and
other insurance-based forms of risk transfer. Subject to regulatory approvals,
the transaction is expected to close before year-end 2013.
Press enquiries ING Group Investor enquiries
Victorina de Boer ING Group 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/1743994/586811.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#1743994]
Unternehmensinformation / Kurzprofil:
Datum: 18.11.2013 - 22:02 Uhr
Sprache: Deutsch
News-ID 317896
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Kategorie:
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