ING closes sale Car Lease activities to BMW
(Thomson Reuters ONE) -
ING announced today that it has completed the sale of ING's Car Lease activities
to BMW.
As part of ING's actions to streamline the business and simplify the company,
ING announced the sale of ING Car Lease to BMW Group fleet management division
Alphabet on 8 July 2011.
The total proceeds of approximately EUR 700 million include the purchase price
of EUR 637 million and estimated 2011 earnings until closing of around EUR 60
million.
The sale of ING Car Lease has resulted in a net transaction result of around EUR
365 million and a capital release of approximately EUR 555 million. The
transaction has a positive impact on ING Bank's core Tier 1 ratio of 17 basis
points, based on the core Tier 1 ratio of 9.4% per 30 June.
ING's other leasing and factoring businesses, including ING Lease and ING
Commercial Finance, are not affected by today's announcement.
Press enquiries Investor enquiries
Carolien van der Giessen Alexander Mollerus
+31 20 541 6522 +31 20 541 6482
Carolien.van.der.Giessen(at)ing.com Alexander.Mollerus(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) the implementation of ING's restructuring plan to
separate banking and insurance operations, (4) 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, (5) the frequency and severity of
insured loss events, (6) changes affecting mortality and morbidity levels and
trends, (7) changes affecting persistency levels, (8) changes affecting interest
rate levels, (9) changes affecting currency exchange rates, (10) changes in
general competitive factors, (11) changes in laws and regulations, (12) changes
in the policies of governments and/or regulatory authorities, (13) conclusions
with regard to purchase accounting assumptions and methodologies, (14) changes
in ownership that could affect the future availability to us of net operating
loss, net capital and built-in loss carry forwards, and (15) ING's ability to
achieve projected operational synergies. 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.
pdf version of press release:
http://hugin.info/130668/R/1551207/477748.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#1551207]
Unternehmensinformation / Kurzprofil:
Datum: 30.09.2011 - 14:25 Uhr
Sprache: Deutsch
News-ID 71346
Anzahl Zeichen: 4530
contact information:
Town:
Amsterdam
Kategorie:
Business News
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"ING closes sale Car Lease activities to BMW"
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