ING agrees to sell three of its U.S. broker-dealers to Lightyear
(Thomson Reuters ONE) - ING announced today that it has reached an agreement to sell three ofits U.S. independent retail broker-dealer units, which comprisethree-quarters of ING Advisors Network, to Lightyear Capital LLC.Terms of the agreement were not disclosed. The transaction is notexpected to have a material impact on ING's earnings.The transaction concerns Financial Network Investment Corporation,based in El Segundo, Calif., Multi-Financial Securities Corporation,based in Denver, Colo., PrimeVest Financial Services, Inc., based inSt. Cloud, Minn., and ING Brokers Network LLC, the holding companyand back-office shared services supporting those broker dealers,which collectively do business as ING Advisors Network.ING will retain ING Financial Advisers, Inc., based in Windsor,Conn., and ING Financial Partners, Inc., based in Des Moines, Iowa.ING chose to retain these broker-dealers because they areclosely-affiliated and play a key role in ING's strategy in the U.S.which focuses on Retirement Services, Life Insurance and RolloverAnnuities."This transaction simplifies ING's structure in the U.S., and allowsus to focus resources and capital on our core Retirement Services,Life Insurance, and Rollover Annuity businesses," said Tom McInerney,member of the Management Board Insurance of ING Group. "It is also inthe best interest of the broker-dealers, their employees, and theaffiliated representatives and financial institutions, to find a newownership structure. We believe that Lightyear will be an outstandingowner of these broker-dealers and be able to ensure a promisingfuture for these businesses."Lightyear is a recognized private equity firm in the U.S. thatspecializes in investing in financial services companies. With asuccessful track record of investing in well-managed, high-performingcompanies poised for strong future growth, Lightyear currentlymanages approximately US $3 billion in committed capital. Lightyear'sprincipals average more than 25 years of experience across thefinancial services industry.Financial Network, Multi-Financial, and PrimeVest together representone of the largest and most accomplished broker-dealer networks inthe U.S. industry. With strong and experienced management teams,exceptional back-office technology, plus a diversity of fieldmanagement structures to accommodate a wide variety of financialprofessionals' businesses, these broker-dealers have been leaders inthe broker-dealer industry for many years. In 2008, collectively, thebroker-dealers had more than 5,000 affiliated independent registeredrepresentatives and generated total concession revenue ofapproximately US $600 million. A broker-dealer firm generallyexecutes the buying and selling of securities on behalf of itsregistered independent representatives, otherwise know as affiliatedbrokers.This transaction is subject to regulatory approvals and is expectedto be closed in the first quarter of 2010.Press Enquiries Investor EnquiriesVictorina de Boer Dana Ripley Bill CokinsING Group ING Insurance ING Group Americas+31 20 541 5469 +1 770.980.4865 +31 20 541 8607victorina.de.boer(at)ing.com dana.ripley(at)us.ing.com Bill.Cokins(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 and (xiii) the implementation ofING's restructuring plan to separate banking and insuranceoperations. ING assumes no obligation to update any forward-lookinginformation contained in this document.http://hugin.info/130668/R/1351761/327035.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 03.11.2009 - 08:31 Uhr
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