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ING Group : ING announces governance changes in Insurance/IM Europe



     ING Group : ING announces governance changes in Insurance/IM Europe

         
ING today announced a number of changes in the governance of
Insurance/Investment Management Europe as that business continues to push
forward with its preparations for a standalone future. These governance
changes follow the measures announced in November 2012 in order to increase
efficiency and effectiveness through sharpening the strategic focus, improving
processes and systems and reducing the number of management layers of support
staff in the Netherlands.

In this context, as of this summer the current regional headquarters for
Insurance Benelux and Insurance Central & Rest of Europe (CRE) will be
combined into one head office for the European Insurance and Investment
Management businesses with support staff for all business units. There will be
separate reporting lines for the Dutch Nationale-Nederlanden business units as
well as for the international insurance businesses and ING Investment
Management International.

The CEOs of the Nationale-Nederlanden business units, Nationale-Nederlanden
Life, Nationale-Nederlanden Non Life and Nationale-Nederlanden Bank will
report directly to Lard Friese, in his capacity as Member of the Management
Board Insurance EurAsia and responsible for the Insurance businesses in
Europe. David Knibbe, currently CEO of CRE, will assume responsibility for
Insurance International and will add Insurance Luxembourg and Insurance
Belgium to his responsibilities. David Knibbe will continue to report to Lard
Friese. Tom Kliphuis, currently CEO of Insurance Benelux and CEO of
Nationale-Nederlanden has decided to step down as of 1 April 2013.

Jan Hommen, CEO of ING said: "The transformation programme at Insurance Europe
is key in preparing our European Insurance and Investment Management
organisation for its standalone future. The objective is to build an agile
organisation, able to drive change and performance at the same time. I am
convinced that the reduction of the number of management layers will help the
organisation become more efficient and effective. Finally, I want to take this
opportunity to thank Tom Kliphuis for his many years of dedicated service to
ING's international insurance operations. We wish him well in his future
endeavours."

Press enquiries                             Investor enquiries
Ingeborg Klunder                            Investor Relations
+31 20 57 66371                             +31 20 57 66396
Ingeborg.Klunder@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 herein 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 the 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#1684752
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