ING restructuring plan approved by European Commission
(Thomson Reuters ONE) - ING announced today that the European Commission has formallyapproved the restructuring plan submitted by ING. Under Europeanrules, companies that received state support in the context of thefinancial crisis are required to submit a restructuring plan todemonstrate their long-term viability and prevent undue distortionsof competition. With this decision the Commission has also givenfinal clearance for the issuance of Core Tier 1 securities to theDutch State and for the Illiquid Assets Back-up FacilityAs announced on 26 October 2009, in line with our Back to Basicsprogramme to reduce complexity, key elements of ING's restructuringplan include a complete separation of banking and insurance(including ING Investment Management). Under the plan, ING will alsodivest ING Direct USA and a new company comprising selected mortgageand consumer lending activities in the Netherlands. In order to getapproval for the restructuring plan, ING has agreed to make a seriesof additional payments to the Dutch State corresponding to anadjustment of the fees for the Illiquid Assets Back-up Facilityamounting to a net present value of EUR 1.3 billion before tax.In conjunction with the restructuring plan, ING has reached anagreement with the Dutch State to facilitate early repayment of halfof the Core Tier 1 securities issued in 2008. ING intends to use theopportunity to repurchase EUR 5 billion of Core Tier 1 securities inDecember 2009, financed by an underwritten rights issue.Jan Hommen, CEO of ING commented: "This decision is an important stepto leave the financial crisis behind us and create a new and excitingfuture for ING. The formal approval of the European Commissionfurther clears the path for the next phase of our Back to Basicsprogramme, which we will execute to support the success of ourbusinesses in the interests of all our stakeholders."The above mentioned strategic measures are expected to be executed bythe end of 2013. The strategic decision to separate banking andinsurance operations (including Investment Management) and theproposed rights issue will be presented for approval to anExtraordinary General Meeting of shareholders on 25 November 2009. Inaddition, several of the intended measures are conditional on theapproval or advice of the Works Council and various regulators.Press enquiries Investor enquiriesRaymond Vermeulen ING Group Investor Relations+31 20 541 5682 +31 20 541 5460Raymond.Vermeulen(at)ing.com Investor.relations(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.General, limitations on distribution, no offerNot for release, publication or distribution, directly or indirectly,in or into Australia, Canada, Japan, their territories andpossessions. The release, publication or distribution of thisdocument in certain jurisdictions may be restricted by law orregulations. Therefore, persons in such jurisdictions in which thisdocument is released, published or distributed must inform themselvesabout and observe such restrictions.The issue, exercise and sale of rights which may be attributed in therights offering ("subscription rights") and the subscription andpurchase of bearer depositary receipts in respect of shares of theCompany ("shares") are subject to specific legal and/or regulatoryrestrictions in certain jurisdictions. The Company assumes noresponsibility in the event there is a violation by any person ofsuch restrictions.This document does not constitute an offer to sell, or thesolicitation of an offer to buy or subscribe for, any securities, andcannot be relied on for any investment contract or decision. Thisdocument does not constitute a prospectus within the meaning of Art.13 of the EC Directive 2003/71/EC of the European Parliament andCouncil dated November 4, 2003 (the "Prospectus Directive"). Theoffer will be made solely by means of, and on the basis of, asecurities prospectus which is to be published. Any investmentdecision regarding any subscription rights or shares should only bemade on the basis of the prospectus which will be prepared inconnection with the rights offering, and investors are advised toconsult with their bank, broker or investment advisor before takingany such investment decision. The approved prospectus may benotified by the Netherlands Authority for the Financial Markets(Stichting Autoriteit Financiële Markten) to the competentauthorities in other jurisdictions in accordance with Article 18 ofthe Prospectus Directive. The prospectus is expected to be publishedbefore the start of the subscription period for the subscriptionrights and when available, copies of the prospectus may be obtainedat no cost through the website of Euronext Amsterdam by NYSE Euronext(Dutch residents only) and the website of the Company at www.ing.com.United KingdomThis communication is directed only at persons (I) who are outsidethe United Kingdom or (II) who have professional experience inmatters relating to investments falling within article 19(5) of theFinancial Services and Markets Act 2000 (Financial Promotion) Order2005 (as amended) (the "Order") or (III) who fall within article49(2)(A) to (D) ("high net worth companies, unincorporatedassociations etc.") of the Order (all such persons together beingreferred to as "Relevant Persons"). Any person who is not a RelevantPerson must not act or rely on this communication or any of itscontents. Any investment or investment activity to which thiscommunication relates is available only to Relevant Persons and willbe engaged in only with Relevant Persons. Persons distributing thiscommunication must satisfy themselves that it is lawful to do so.European Economic AreaThe Company will not authorize any offer to the public of shares orsubscription rights in any Member State of the European Economic Areaother than the Netherlands and any other jurisdiction into which theprospectus for the offering of shares or subscription rights will bepassported. With respect to each Member State of the EuropeanEconomic Area other than the Netherlands (and any other jurisdictioninto which the prospectus for the offering of shares or subscriptionrights will be passported) and which has implemented the ProspectusDirective (each, a "Relevant Member State"), no action has beenundertaken to date to make an offer to the public of shares orsubscription rights requiring a publication of a prospectus in anyRelevant Member State.Notice to U.S. PersonsThe issuer has filed a registration statement (including aprospectus) with the Securities and Exchange Commission (the "SEC")for the offering to which this communication relates. Before youinvest, you should read the prospectus in that registration statementand other documents the issuer has filed and will file with the SECfor more complete information about the issuer and this offering.You may get these documents, once filed, for free by visiting IDEA onthe SEC Web site at www.sec.gov. Alternatively, the issuer, anyunderwriter or any dealer participating in the offering will arrangeto send you the prospectus after filing if you request it by callingING at +31 20 541 5460.http://hugin.info/135859/R/1355888/329306.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 18.11.2009 - 14:11 Uhr
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