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Publish Date : 02-Mar-2013

ING announced today that it has agreed to reduce its 36.5% stake in Sul America S.A. (SulAmerica) through a transaction with the Larragoiti Family, which is a majority shareholder and ING\'s joint-venture partner in SulAmerica. Following the closing of the transaction, which also includes a share-swap, ING will hold a direct stake of just under 30% in SulAmerica, which is listed on the BM&FBovespa. The existing shareholders’ agreement with the Larragoiti Family will be terminated at closing, however, the shares comprising ING’s direct stake in SulAmérica have today been released from the restrictions of the shareholders’ agreement. The market value of the remaining 30% stake is approximately EUR 620 million based on the closing share price of 27 February 2013.

ING entered into the joint-venture with the Larragoiti Family in 2002 and has contributed to the successful development of SulAmérica for more than ten years. Following the transaction, ING will continue to contribute to the success of SulAmérica through its participation in the board of directors. The transaction, announced today, is part of the ING Group restructuring plan for the divestment of all its Insurance and Investment Management operations as agreed upon with the European Commission. ING will review options for the divestment of its remaining 30% stake as and when appropriate.

The transaction announced today is not expected to have a material impact on ING Group results. Subject to regulatory approvals, the transaction is expected to close in the second half of 2013.

SulAmerica is the largest independent insurance group in Brazil, with operations in diverse insurance lines. Its business lines are supported by diversified distribution capabilities that, as of December 2011 included a network of more than 30,000 independent insurance brokers. SulAmérica also has partnerships with more than 20 financial- and retail institutions, adding a further 16,000 points of sale.

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