ING Group : ING to sell Malaysian investment management business to Kenanga

 ING Group : ING to sell Malaysian investment management business to Kenanga

ING announced today that it has reached an agreement to sell its 70%-stake in
ING Funds Berhad (IFB), ING's investment management business in Malaysia, to
Kenanga Investors Berhad (Kenanga Investors), a wholly owned subsidiary of K &
N Kenanga Holdings Berhad (Kenanga). ING's joint venture partner Tab
Inter-Asia Services Sdn Berhad has also agreed to sell its 30% stake to
Kenanga Investors.

The transaction announced today will not have a material impact on ING's
results and is subject to regulatory approvals. The transaction does not
impact ING's other businesses in the region and is expected to close in the
first quarter of 2013.

IFB is among the top 5 non-bank fund management houses in the country. It
manages approximately EUR 500 million of assets for third parties across all
traditional asset classes and has a multi-channel distribution network.

Kenanga Investors is a Malaysian multi-team and multi-style investment house
that offers investment solutions to retail and institutional clients. Kenanga
is listed on Bursa Malaysia, the Malaysian Stock Exchange in Kuala Lumpur.

Press enquiries
Frans Middendorff
+31 20 57 66385
Frans.Middendorff@ing.com

Investor enquiries
+31 20 57 66396
Investor.Relations@ing.com

ING PROFILE
ING is a global financial institution of Dutch origin, offering banking,
investments, life insurance and retirement services to meet the needs of a
broad customer base. Going forward, we will concentrate on our position as an
international retail, direct and commercial bank, while creating an optimal
base for an independent future for our insurance and investment management
operations

IMPORTANT LEGAL INFORMATION
Certain of the statements contained in this document are not historical facts,
including, without limitation, certain statements made of future expectations
and other forward-looking statements that are based on management's current
views and assumptions and involve known and unknown risks and uncertainties
that could cause actual results, performance or events to differ materially
from those expressed or implied in such statements. Actual results,
performance or events may differ materially from those in such statements due
to, without limitation: (1) changes in general economic conditions, in
particular economic conditions in ING's core markets, (2) changes in
performance of financial markets, including developing markets, (3)
consequences of a potential (partial) break-up of the euro, (4) the
implementation of ING's restructuring plan to separate banking and insurance
operations, (5) changes in the availability of, and costs associated with,
sources of liquidity such as interbank funding, as well as conditions in the
credit markets generally, including changes in borrower and counterparty
creditworthiness, (6) the frequency and severity of insured loss events, (7)
changes affecting mortality and morbidity levels and trends, (8) changes
affecting persistency levels, (9) changes affecting interest rate levels, (10)
changes affecting currency exchange rates, (11) changes in investor, customer
and policyholder behaviour, (12) changes in general competitive factors, (13)
changes in laws and regulations, (14) changes in the policies of governments
and/or regulatory authorities, (15) conclusions with regard to purchase
accounting assumptions and methodologies, (16) changes in ownership that could
affect the future availability to us of net operating loss, net capital and
built-in loss carry forwards, (17) changes in credit-ratings, (18) ING's
ability to achieve projected operational synergies and (19) the other risks
and uncertainties detailed in the risk factors section contained in the most
recent annual report of ING Groep N.V.

Any forward-looking statements made by or on behalf of ING speak only as of
the date they are made, and, ING assumes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information
or for any other reason. This document does not constitute an offer to sell,
or a solicitation of an offer to buy, any securities.

PDF version of Press Release

------------------------------------------------------------------------------

This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: ING Group via Thomson Reuters ONE
HUG#1666910
 
Press spacebar to pause and continue. Press esc to stop.