ING to sell Swiss Private Banking business to Julius Baer
(Thomson Reuters ONE) - * Proceeds on transaction of EUR 344 million * Making good progress in executing Back to Basics ProgrammeING announced today that it has reached an agreement to sell itsSwiss Private Banking business to Julius Baer for a consideration ofCHF 520 million (EUR 344 million) in cash. Julius Baer is the leadingpure-play Swiss Private Banking group.Jan Hommen, CEO of ING Group: "The divestment of our Private Bankingactivities in Switzerland illustrates once more that we are makinggood progress in executing our Back to Basics programme. We arepleased to have found such a sophisticated and professional player asJulius Baer as the new owner of our Swiss Private Banking business.This sale and the recently announced divestment of our life insuranceand wealth management joint venture in Australia and New Zealand showING's commitment to focus on fewer franchises and the reduction ofthe complexity of the group."The transaction will generate an estimated net profit for ING of EUR150 million and is expected to free up EUR 200 million of capital.The agreement of ING and Julius Baer is subject to regulatoryapproval and is expected to close in the first quarter of 2010.As part of the announced Back to Basics programme, ING is currentlyalso in discussions about the future of the Private Bankingactivities in Asia. Any further announcements on this matter willonly be made when appropriate. ING Private Banking in the Benelux andCentral Eastern Europe remain integral parts of ING.ING's Swiss Private Banking has around EUR 10 billion assets undermanagement. Excluding Switzerland, ING Private Banking serves worldwide more than 65.000 clients with a staff of around 1500 employeesand has over EUR 48 billion assets under management.Press enquiries InvestorenquiriesAnneloes Geldermans EwaldWalravenING Group INGGroup+31 20 541 6526 +31 20541 5463anneloes.geldermans(at)ing.comewald.walraven(at)ing.comING ProfileING is a global financial institution of Dutch origin offeringbanking, investments, life insurance and retirement services to over85 million private, corporate and institutional clients in more than40 countries. With a diverse workforce of about 110,000 people, INGis dedicated to setting the standard in helping our clients managetheir financial future.Important legal informationCertain of the statements contained herein are statements of futureexpectations and other forward-looking statements. These expectationsare based on management's current views and assumptions and involveknown and unknown risks and uncertainties. Actual results,performance or events may differ materially from those in suchstatements due to, among other things, (i) general economicconditions, in particular economic conditions in ING's core markets,(ii) performance of financial markets, including emerging markets,(iii) the frequency and severity of insured loss events, (iv)mortality and morbidity levels and trends, (v) persistency levels,(vi) interest rate levels, (vii) currency exchange rates (viii)general competitive factors, (ix) changes in laws and regulations,(x) changes in the policies of governments and/or regulatoryauthorities, (XI) conclusions with regard to purchase accountingassumptions and methodologies, (XII) ING's ability to achieveprojected operational synergies. ING assumes no obligation to updateany forward-looking information contained in this document.http://hugin.info/130668/R/1346084/323255.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 07.10.2009 - 07:00 Uhr
Sprache: Deutsch
News-ID 6651
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