ING Group : ING to sell 49% stake in KB Life to KB Financial Group

      ING Group : ING to sell 49% stake in KB Life to KB Financial Group

ING announced today it has agreed to sell its 49% stake in Korean insurance
venture KB Life Insurance Company Ltd. (KB Life) to joint venture partner KB
Financial Group, one of Korea's leading financial institutions.

Under the terms of the agreement, ING will receive a total cash consideration
of KRW 166.5 billion (approximately EUR 115 million at current exchange rates)
for its 49% stake in KB Life. The transaction announced today is not expected
to have a material impact on ING Group results. Subject to regulatory
approval, it is expected to close in the second quarter of 2013.

The transaction announced today is part of ING's earlier announced process to
divest ING's insurance and investment management businesses. The process to
divest the remaining insurance and investment management businesses in Asia,
including ING Life Korea and ING's funds management business in Korea, is
on-going. Any further announcements will be made if and when appropriate.
Today's announcement does not affect ING's Commercial Banking activities in
South Korea.

KB Life was established in 2004 and has grown to be a leading multi-channel
life insurance company in Korea, offering savings, annuities and protection
products for Korean individuals and families.

KB Financial Group, one of Korea's leading financial institutions, is active
in Korea in a range of financial services, including banking, credit cards,
securities, life insurance, asset management and venture capital. In February
2013 ING Group announced it had sold the 5% stake it had in KB Financial Group
in a block trade to institutional investors.

Press enquiries                             Investor enquiries
Victorina de Boer                           Investor Relations
+31 20 57 66373                             +31 20 57 66396         
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
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

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Source: ING Group via Thomson Reuters ONE
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