ING to sell Malaysian investment management business to Kenanga
(Thomson Reuters ONE) -
ING announced today that it has reached an agreement to sell its 70%-stake in
ING Funds Berhad (IFB), ING's investment management business in Malaysia, to
Kenanga Investors Berhad (Kenanga Investors), a wholly owned subsidiary of K & N
Kenanga Holdings Berhad (Kenanga). ING's joint venture partner Tab Inter-Asia
Services Sdn Berhad has also agreed to sell its 30% stake to Kenanga Investors.
The transaction announced today will not have a material impact on ING's results
and is subject to regulatory approvals. The transaction does not impact ING's
other businesses in the region and is expected to close in the first quarter of
2013.
IFB is among the top 5 non-bank fund management houses in the country. It
manages approximately EUR 500 million of assets for third parties across all
traditional asset classes and has a multi-channel distribution network.
Kenanga Investors is a Malaysian multi-team and multi-style investment house
that offers investment solutions to retail and institutional clients. Kenanga is
listed on Bursa Malaysia, the Malaysian Stock Exchange in Kuala Lumpur.
Press enquiries
Frans Middendorff
+31 20 57 66385
Frans.Middendorff(at)ing.com
Investor enquiries
+31 20 57 66396
Investor.Relations(at)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 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.
PDF version of Press Release:
http://hugin.info/130668/R/1666910/541078.pdf
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#1666910]
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Datum: 21.12.2012 - 02:48 Uhr
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