Key Developments: ING Groep NV (INGVF.PK)
8.95USD
3:57pm EDT
$-0.45 (-4.79%)
$9.40
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$8.95
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$9.85
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Latest Key Developments (Source: Significant Developments)
ING Groep NV to Sell Part of its Direct Stake in SulAmerica to IFC
ING Groep NV announced that it has agreed to sell part of its direct stake in Sul America S.A. (SulAmerica) to International Finance Corporation (IFC). ING has agreed to sell approximately 26.5 million units of SulAmerica, representing approximately 7.9% of SulAmerica's outstanding shares, for a total consideration of BRL 400 million (roughly USD 200 million or EUR 155 million at current exchange rates). These shares have been released from the obligations of the shareholders agreement between ING and the Larragoiti Family as announced on February 28, 2013. Upon the closing of both the sale to IFC and the transaction with the Larragoiti Family (in which ING agreed to reduce its 36.5% stake to just under 30%), ING's equity interest in SulAmerica will be reduced to approximately 21.5%. The market value of the remaining stake is approximately EUR 410 million based on the closing share price of May 15, 2013 (BRL 14.95) and current exchange rates. The transaction with IFC is expected to close within 30 days, while the transaction with the Larragoiti Family is expected to close in the third quarter of 2013 as it is subject to regulatory approvals. Full Article
ING Groep NV Completes Sale Of Thai Investment Management Unit
ING Groep NV announced that it has completed the sale of its investment management business in Thailand to UOB Asset Management Ltd (UOBAM). As announced on November 20, 2012, the Company has received a total cash consideration of EUR 10 million for the investment management business in Thailand. Full Article
ING Groep NV To Sell Custody Services in Seven European Countries to Citi
ING Groep NV announced that it has reached an agreement to transfer its local custody services business in seven countries in Central and Eastern Europe to Citi, a provider of custody services. ING Bank will continue to offer a range of commercial banking products in the Central and Eastern Europe region. The transaction is not expected to have a material impact on ING's results and is expected to be completed in the second quarter of 2013 while the full migration of the clients business is expected to be finalised in the first quarter of 2014. Full Article
ING Groep NV Completes Sale Of 70% Stake In ING Funds Berhad
ING Groep NV announced that it has completed the sale of its 70%-stake in ING Funds Berhad, ING’s investment management business in Malaysia, to Kenanga Investors Berhad, a wholly owned subsidiary of K & N Kenanga Holdings Berhad. Financial Terms of the transaction were not disclosed. Full Article
ING Groep NV Intends To Sell Stake In Joint Venture Life Insurance With KB Financial Group Inc-DJ
Dow Jones reported that ING Groep NV intends to sell its 49% stake in life insurances joint venture with KB Financial Group Inc for USD 152 million to the Seoul-based banking group. Following the sale, KB Financial Group Inc will hold full ownership in KB Life Insurance Co. The banking group is to request for the Board's approval on April 19, 2013. Further details were not disclosed. Full Article
ING Groep NV's ING US Inc Could Value Company At Over $6 Billion-Reuters
Reuters reported that ING Groep NV's unit ING US Inc plans to price shares in its IPO at between $21 and $24 each, valuing the Company at up to $6.16 billion. The IPO could raise as much as $1.54 billion. ING Group's ownership in ING U.S. will reduce to 75% after the IPO. The IPO is scheduled to be priced on May 1, 2013 and shares will begin trading on May 2, 2013. Full Article
ING Groep NV Targets May Launch Of $1.2 Billion Thai Bank Stake Sale; CIMB Group Holdings Bhd And Malayan Banking Berhad May Participate In Auction-Reuters
Reuters reported that ING Groep NV is targeting a May launch of the sale of its $1.2 billion stake in TMB Bank PCL, awaiting Malaysian election results to include more bidders. The sale of the 31% stake is important both for ING's five-year effort to repay a EUR10 billion ($13 billion) state bail-out and for the broader Southeast Asian financial industry. Targeting a May launch is meant to encourage Malaysia's two dominant banks, CIMB Group Holdings Bhd and Malayan Banking Berhad to participate in the auction. The auction is also expected to attract interest from Japanese, Chinese and South Korean lenders, the people said, and could result in an offer for the entire bank, which has a market value of $3.8 billion. ING has picked J.P. Morgan to find a buyer for the stake. Full Article
ING Groep NV Completes Sale of Stake in ING Vysya Life Insurance-DJ
Dow Jones reported that ING Groep NV has sold its stake in ING Vysya Life Insurance. Further details were not disclosed. Full Article
ING Groep NV Announces IPO Registration Statement of ING U.S., Inc.
ING Groep NV announced that ING U.S., Inc., its United States-based retirement, investment and insurance business, has filed an update of its registration statement with the United States Securities and Exchange Commission (SEC) in connection with its proposed Initial Public Offering (IPO). ING has previously announced it is divesting its insurance and investment management businesses as part of a restructuring program agreed with the European Commission. While all options for divestment remain open, the base case for the divestment of ING U.S. is through an IPO. In this context, ING U.S. filed an initial registration statement with the SEC in November 2012 and an amendment to that registration statement in January 2013. Full Article
ING Groep NV Announces Transformation Program at Insurance/Investment Management Europe
ING Groep NV announced a number of changes in the governance of Insurance/Investment Management Europe. In this context, the regional headquarters for Insurance Benelux and Insurance Central & Rest of Europe (CRE) will be combined into one head office for the European Insurance and Investment Management businesses with support staff for all business units. There will be separate reporting lines for the Dutch Nationale-Nederlanden business units as well as for the international insurance businesses and ING Investment Management International. The CEOs of the Nationale-Nederlanden business units, Nationale-Nederlanden Life, Nationale-Nederlanden Non Life and Nationale-Nederlanden Bank will report directly to Lard Friese, in his capacity as Member of the Management Board Insurance EurAsia and responsible for the Insurance businesses in Europe. David Knibbe, CEO of CRE, will assume responsibility for Insurance International and will add Insurance Luxembourg and Insurance Belgium to his responsibilities. David Knibbe will continue to report to Lard Friese. Tom Kliphuis, CEO of Insurance Benelux and CEO of Nationale-Nederlanden has decided to step down as of April 1, 2013. Full Article
BRIEF-ING to issue shares to fund incentive plans
AMSTERDAM, May 22 - ING Groep NV : * ING to issue limited number of shares to fund incentive plans * The number of shares to be issued in the course of 2013 is non-material and normally expected to be less than 11 million shares (approximately 0.3% of the 3,831 million shares currently outstanding).
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