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Amsterdam, 15 October 2009
- Proceeds on transaction of US$ 1,463
million
- Divestment reflects strength of strategic
transformation
ING announced today that it has reached an
agreement to sell its Asian Private Banking business to
Oversea-Chinese Banking Corporation Limited (OCBC Bank) for a
consideration of US$ 1,463 million (around EUR 1 billion) in cash.
OCBC Bank is Singapore’s longest established local bank and offers
a wide range of specialist financial services.
Jan Hommen, CEO of ING: “Today’s announcement reflects the momentum
and the strength of our strategic transformation. Through the Back
to Basics Programme, ING will simplify its organisation and will
reduce its geographic and business scope, focusing on its positions
in markets with the strongest franchises. After today’s transaction
we have completed the divestment programme of our Private Banking
business. ING Private Banking in the Benelux and Central Eastern
Europe remain integral parts of ING.”
The transaction will generate an estimated net profit for ING of
approximately EUR 300 million and is expected to free up around EUR
370 million of capital. Completion of the transaction between ING
and OCBC Bank is subject to a number of regulatory approvals and is
expected to occur around year end.
ING’s Asian Private Banking has around EUR 11 billion of assets
under management. The Asia franchise offers private banking
services in 11 markets, including Hong Kong, the Philippines and
Singapore.
Eli Leenaars, CEO Retail Banking, commented: “With OCBC Bank we
found a solid new owner for our Asian Private Banking Business.
OCBC Bank is a professional player offering a wide range of
specialist financial services. ING remains confident about Asia’s
long-term financial and economic prospects and potential and we are
committed to our other existing Asian banking positions.”
ING remains active in Asia with retail banking, insurance,
wholesale banking, investment management and real estate.
Press enquiries
Anneloes Geldermans
ING Group
+31 20 541 6526
Anneloes.Geldermans@ing.com
Eileen Lau
ING Retail Banking Asia
+65 65 39 7725
Eileen.Lau@asia.ing.com
Investor enquiries
Ewald Walraven
ING Group
+31 20 541 5463
Ewald.Walraven@ing.com
ING Profile
ING is a global financial institution of
Dutch origin offering banking, investments, life insurance and
retirement services to over 85 million private, corporate and
institutional clients in more than 40 countries. With a diverse
workforce of about 110,000 people, ING is dedicated to setting the
standard in helping our clients manage their financial
future.
Important legal information
Certain of the statements contained herein
are statements of future expectations and other forward-looking
statements. These expectations are based on management's current
views and assumptions and involve known and unknown risks and
uncertainties. Actual results, performance or events may differ
materially from those in such statements due to, among other
things, (i) general economic conditions, 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 regulatory authorities, (XI)
conclusions with regard to purchase accounting assumptions and
methodologies, (XII) ING's ability to achieve projected operational
synergies. ING assumes no obligation to update any forward-looking
information contained in this document.
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