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ING Group : ING completes sale of ING Direct UK



               ING Group : ING completes sale of ING Direct UK

ING announced today that it has completed the sale of ING Direct UK to
Barclays.

As announced on 9 October 2012, the transaction is a result of ING's
continuous evaluation of its portfolio of businesses and is in line with ING's
strategic objectives of sharpening the focus of the bank and further
strengthening its capital position.

As part of the transaction, ING has transferred GBP 11.6 billion (EUR 13.4
billion at current exchange rates) of ING Direct UK's savings and deposits and
GBP 5.5 billion (EUR 6.4 billion) of mortgages to Barclays.  As previously
announced, part of the UK investment portfolio has matured or has been
liquidated to facilitate the transaction. The impact of these two transactions
was booked in the third and the fourth quarter results of 2012.

The combined loss for the transfer of the business and the investment
portfolio is approximately EUR 260 million, which is lower than the expected
loss of EUR 320 million at announcement, as favourable market circumstances
have resulted in a lower loss on the investment portfolio.

The transaction will lead to a capital release of approximately EUR 280
million in the first quarter of 2013 due to a reduction in Risk Weighted
Assets. This is expected to result in a positive impact on ING Bank's core
Tier 1 ratio of 12 basis points based on ING Bank's core Tier 1 ratio of 11.9%
at 31 December 2012.

 

The ING Direct units in Australia, Austria, France, Germany, Italy and Spain
are not affected by today's announcement. ING continues to invest to evolve
the ING Direct business model, increasing the product offering and extending
distribution, while integrating the balance sheet with the rest of ING Bank.
The ING Commercial Banking activities in the UK are also not affected by
today's announcement.

Press enquiries                   Investor enquiries
Carolien van der Giessen          Investor Relations
+31 20 576 6386                   +31 20 576 6396
Carolien.van.der.Giessen@ing.com  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

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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#1683282
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