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ING Completes Divestment of Insurance Latin America

ING announced today that it has completed the divestment of its Latin American pensions, life insurance and investment management operations to Colombia’s Grupo de Inversiones Suramericana (“GRUPOSURA”) with a net gain on transaction of approximately EUR 1.0 billion.

As announced on 25 July 2011, this transaction is the first major step in the divestment of ING’s insurance and investment management activities. The total consideration for the transaction amounted to approximately EUR 2.65 billion including EUR 65 million in assumed debt. In addition, the businesses in scope of this transaction returned about EUR 170 million in excess capital to ING, mainly in the third quarter. As a result, leverage in ING insurance has been reduced by approximately EUR 2.8 billion.

The transaction includes the mandatory pension and voluntary savings businesses in Chile, Colombia, Mexico and Uruguay, ING’s 80% stake in AFP Integra S.A. in Peru, the life insurance businesses in Chile and Peru, as well as the local investment management capabilities in those five countries. As part of this transaction ING sold its 33.7% stake in Peruvian InVita Seguros de Vida S.A. to the Wiese Family, ING’s joint venture partner in InVita.

ING continues to prepare its Insurance/Investment Management (IM) businesses for a base case of two IPOs, one for its US Insurance and IM activities and one for its European and Asian Insurance and IM businesses.