ING closes sale of Annuity and Mortgage Businesses in Chile
(Thomson Reuters ONE) - ING announced today that it has closed the transaction to sell itsnon-core Annuity and Mortgage businesses in Chile to Corp Group VidaChile, S.A. ING did not disclose terms of the agreement, which waspreviously announced on 31 July 2009.In 2008, the Annuity and Mortgage businesses in Chile generatedcombined pre-tax earnings of approximately EUR 35 million. Aspreviously announced, this transaction does not impact ING's Pension,Life Insurance, and Investment Management businesses in Chile.After this transaction, ING will maintain a strong presence in Chileas the country's third-largest pension provider with approximatelyEUR 16 billion in assets under management and approximately 2 millionclients. ING also participates in the Chilean Life Insurance andMutual Fund markets. ING is the second-largest pension provider inLatin America.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 developing markets,(iii) changes in the availability of, and costs associated with,sources of liquidity, such as interbank funding, as well asconditions in the credit markets generally, including changes inborrower and counterparty creditworthiness, (iv) the frequency andseverity of insured loss events, (v) mortality and morbidity levelsand trends, (vi) persistency levels, (vii) interest rate levels,(viii) currency exchange rates (ix) general competitive factors, (x)changes in laws and regulations, (xi) changes in the policies ofgovernments and/or regulatory authorities, (xii) conclusions withregard to purchase accounting assumptions and methodologies, (xiii)ING's ability to achieve projected operational synergies and (xiv)the implementation of ING's restructuring plan, including the plannedseparation of banking and insurance operations. ING assumes noobligation to update any forward-looking information contained inthis document.http://hugin.info/130668/R/1354100/328172.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 10.11.2009 - 22:01 Uhr
Sprache: Deutsch
News-ID 8190
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