ING closes sale of Australian and New Zealand Insurance business
(Thomson Reuters ONE) - ING announced today that it has closed the sale of its life insuranceand wealth management venture in Australia and New Zealand to ANZ,its joint venture partner. As announced on 25 September, thedivestment is part of ING's Back to Basics strategy to simplify theorganisation by focusing on fewer, strong franchises that form acoherent group.Under the terms of the agreement, ING sold its 51% equity stakes inING Australia and ING New Zealand to ANZ, who now has become the soleowner of these businesses. In line with the announcement of 25September, ING has received EUR 1.1 billion in cash from ANZ. Thetransaction has generated a net profit for ING of EUR 325 million.The sale will reduce the ING Insurance debt/equity ratio by 365 basispoints. The transaction has freed up EUR 950 million of capital.These final terms are slightly better than the preliminary results asdisclosed on 25 September.After the sale, ING will maintain a strong footprint in Asia in lifeinsurance and retirement services as the third largest internationalinsurance company in the region. As previously announced, thetransaction does not impact ING Direct, ING Investment Management,ING Wholesale Banking and ING Real Estate, who will remain active inAustralia.Press enquiries Investor enquiriesCarolien van der Giessen Karen Williams Ewald WalravenING Group Media Relations ING Asia/Pacific ING Group Investor Relations+31 20 541 6522 +852 9106 1350 +31 20 541 5463Carolien.van.der.Giessen(at)ing.com Karen.Williams(at)ap.ing.com Ewald.Walraven(at)ing.comING PROFILEING is a global financial institution of Dutch origin issue banking,investments, life insurance and retirement services to over 85million private, corporate and institutional clients in more than 40countries. With a diverse workforce of about 110,000 people, ING isdedicated to setting the standard in helping our clients manage theirfinancial 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) the implementation of ING's restructuring plan to separatebanking and insurance operations, (iv) changes in the availabilityof, and costs associated with, sources of liquidity, such asinterbank funding, as well as conditions in the credit marketsgenerally, including changes in borrower and counterpartycreditworthiness, (v) the frequency and severity of insured lossevents, (vi) mortality and morbidity levels and trends, (vii)persistency levels, (viii) interest rate levels, (ix) currencyexchange rates, (x) general competitive factors, (xi) changes in lawsand regulations, (xii) changes in the policies of governments and/orregulatory authorities, (xiii) conclusions with regard to purchaseaccounting assumptions and methodologies, (xiv) changes in ownershipcould affect the future availability to us of net operating loss, netcapital loss and built-in loss carryforwards, and (xv) ING's abilityto achieve projected operational synergies. ING assumes noobligation to update any forward-looking information contained inthis document.http://hugin.info/135859/R/1357831/330433.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 30.11.2009 - 07:29 Uhr
Sprache: Deutsch
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