ING closes sale of its Asian Private Banking business
(Thomson Reuters ONE) - ING announced today that it has completed the sale of its Asian Private Bankingbusiness to Oversea-Chinese Banking Corporation Limited (OCBC Bank). OCBC Bankis Singapore's longest established local bank and offers a wide range ofspecialist financial services.As announced on 15 October 2009, the divestment is in line with ING's Back toBasics strategy tofocus on fewer franchises and reduce the complexity of thegroup.The transaction will generate an estimated net profit for ING of approximatelyEUR 300 million.ING remains active in Asia with retail banking, insurance, commercial banking,investment management and real estate.INGwill continue its private banking activities in China through the stakes inBank of Beijing, in India through ING Vysya Bank and in Thailand through TMBBank. ING Private Banking activities in the Benelux and in Central EasternEurope belong to ING's core businesses. Press Enquiries Investor Enquiries Anneloes Geldermans Eileen Lau Ewald Walraven ING Group ING Retail Banking Asia ING Group +31 20 541 6526 +65 65 39 7725 +31 20 541 5463 anneloes.geldermans(at)ing.co eileen.lau(at)asia.ing.com ewald.walraven(at)ing.com m g.com> s(at)ing.com>ING ProfileING is a global financial institution of Dutch origin offering banking,investments, life insurance and retirement services. As of 30 September 2009,ING served more than 85 million private, corporate and institutional clients inmore than 40 countries. With a diverse workforce of about 110,000 people, ING isdedicated to setting the standard in helping our clients manage their financialfuture.IMPORTANT LEGAL INFORMATIONCertain of the statements contained herein are statements of future expectationsand other forward-looking statements. These expectations are based onmanagement's current views and assumptions and involve known and unknown risksand uncertainties. Actual results, performance or events may differ materiallyfrom those in such statements due to, among other things, (i) general economicconditions, in particular economic conditions in ING's core markets, (ii)performance of financial markets, including developing markets, (iii) theimplementation of ING's restructuring plan to separate banking and insuranceoperations, (iv) changes in the availability of, and costs associated with,sources of liquidity, such as interbank funding, as well as conditions in thecredit markets generally, including changes in borrower and counterpartycreditworthiness, (v) the frequency and severity of insured loss events, (vi)mortality and morbidity levels and trends, (vii) persistency levels, (viii)interest rate levels, (ix) currency exchange rates, (x) general competitivefactors, (xi) changes in laws and regulations, (xii) changes in the policies ofgovernments and/or regulatory authorities, (xiii) conclusions with regard topurchase accounting assumptions and methodologies, (xiv) changes in ownershipthat could affect the future availability to us of net operating loss, netcapital loss and built-in loss carryforwards, and (xv) ING's ability to achieveprojected operational synergies. ING assumes no obligation to update anyforward-looking information contained in this document.[HUG#1378406] PDF version press release: http://hugin.info/130668/R/1378406/338953.pdf
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Datum: 29.01.2010 - 00:35 Uhr
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