ING Group: ING announces exercise of underwriters' option to acquire additional shares in ING U.S.

     ING Group: ING announces exercise of underwriters' option to acquire
                        additional shares in ING U.S.

ING announced today that the underwriters in the offering of shares of ING
U.S. Inc., its U.S.-based retirement, investment and insurance subsidiary,
have exercised their option to purchase an additional 4.95 million shares of
ING U.S. from ING Group at the offering price of USD 29.50 per share. The sale
of these additional shares further reduces ING Group's ownership stake in ING
U.S. from approximately 59% to approximately 57%.

The gross proceeds to ING Group from the exercise of the option are
approximately USD 146 million (approximately EUR 106 million at current
exchange rates), bringing the total gross proceeds to ING Group from the
offering to approximately USD 1.1 billion. As previously announced, ING Group
intends to use the net proceeds of the transaction for the reduction of Group
core debt.

ING has previously announced its intention to divest its remaining stake in
ING U.S. over time, in line with its strategy to separate and divest its
insurance and investment management businesses. In this context, ING sold
shares of ING U.S. through an initial public offering in May 2013 and further
reduced its stake in ING U.S. through an offering of 33 million shares in ING
U.S. as announced on 23 October 2013. ING U.S. common stock is listed on the
New York Stock Exchange under the ticker symbol "VOYA". 

The exercise of the option will not impact the profit and loss account of ING
Group. It will have a negative impact of approximately EUR 0.1 billion on the
shareholder's equity of ING Group. This amount reflects the difference between
the net proceeds to ING Group from the exercise of the option and the
estimated IFRS book value of the 2% stake it approximately represents.

The registration statement relating to these securities has been declared
effective by the Securities and Exchange Commission (SEC). A copy of the
registration statement may be obtained by visiting the SEC website at This press release does not constitute an offer to sell, or a
solicitation of any offer to buy, any securities.

    Press enquiries ING Group             Investor enquiries ING Group
    Victorina de Boer                     ING Group Investor Relations
    +31 20 576 6373                       +31 20 576 6396   
    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.
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.

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information contained therein.

Source: ING Group via Thomson Reuters ONE
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