ING completes sale of Nationale Borg to HAL Investments and Egeria
ING completes sale of Nationale Borg to HAL Investments and Egeria
ING completes sale of Nationale Borg to HAL Investments and Egeria
Amsterdam, 1 June 2007
ING Group announced today that it has completed the transaction to sell its speciality insurance unit Nationale Borg to HAL Investments B.V. and Egeria. The sale is part of ING’s strategy to focus on its core insurance, banking and asset management businesses. The transaction, which was originally announced on 16 October 2006, has received all appropriate regulatory approvals.
Nationale Borg is a specialist provider of guarantee insurance, including customs bonds, with a leading position in the transportation, construction and logistics sectors in the Netherlands. The company issues bonds and guarantees for clients ensuring they will meet legal or contractual obligations. In addition, the company underwrites credit and surety reinsurance as well as money and fraud insurance. Nationale Borg has been active for more than 110 years, and has been a subsidiary of ING Group since 1990.
The transaction will have no material impact on the results of ING Group. The debt/equity ratio of the Group will improve by 15 basis points as a result of the sale.
Media Relations,
ING Group +31 20 576 5000,
media.relations@ing.com
ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries.
With a diverse workforce of about 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.