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ING Group : ING to sell stake in ING-BOB Life to BNP Paribas Cardif



     ING Group : ING to sell stake in ING-BOB Life to BNP Paribas Cardif

ING announced today that it has agreed to sell its 50% stake in its Chinese
insurance joint venture ING-BOB Life Insurance Company to BNP Paribas Cardif,
the insurance arm  of BNP Paribas. The transaction, which is subject to
regulatory approval, is not expected to have a material impact on ING Group
results.

The transaction 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 is on-going
and any further announcements will be made if and when appropriate. Today's
announcement does not affect ING Bank's 13.7% stake in Bank of Beijing, nor
does it affect ING's Commercial Banking activities in China.

ING's Chinese life insurance joint venture was established in 2002 and today
operates eight branches in seven provinces and municipalities in China. It
offers savings and protection products to families in China through an agency
network and through bank branches.

Press enquiries                           Investor enquiries
Victorina de Boer                         ING Group Investor Relations
+31 20 57 66373                           +31 20 57 66396
Victorina.de.Boer@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 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#1714642
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