ING Will Sell Belgian Brokerage for 750 Million Euros
ING, the Dutch financial services group, announced today that it has reached an agreement with P&V Verzekeringen to sell its Belgian Broker and Employee Benefits insurance business for EUR 750 million ($1 billion). The sale is part of ING’s strategy to rationalize in its mature markets and allocate capital to those businesses where it can generate the highest growth and returns.
According to an ING statement, net profits of about 425 million euros are expected from the transaction, along with and an improvement of 133 basis points of the debt-to-equity ratio of ING Group.
The transaction is subject to regulatory review and advice of the works council and is expected to be closed and booked in the second half of 2007.
ING is a Dutch-based global financial institution offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in over 50 countries. With a diverse workforce of about 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
Published on June 29, 2007
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