ING Groep sells Annuity and Mortgage businesses in Chile to Corp Group Vida Chile

Deal In Brief
Nov 11, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --

ING Groep N.V. has completed the sale of its non-core Annuity and Mortgage businesses in Chile to Corp Group Vida Chile, S.A., a Chile-based financial services holding company.

ING Groep is a Netherlands-based financial services company providing banking, insurance and asset management services.

In 2008, the Annuity and Mortgage businesses in Chile generated combined pre-tax earnings of approximately EUR35 million.

Announcement (July 31, 2009):

ING Groep has reached an agreement to sell its non-core Annuity and Mortgage businesses in Chile to Corp Group Vida Chile.

Citigroup is acting as financial advisor to ING Group on the transaction.

The transaction is expected to close in the fourth quarter of 2009.

Deal Type    Acquisition
Sub-Category Asset Purchase
Deal Status  Completed: 2009-11-10

Deal Participants

Target (Company)   ING Groep N.V. - Annuity and Mortgage Businesses - Chile
Acquirer (Company) Corp Group Vida Chile, S.A.
Vendor (Company)   ING Groep N.V.

Deal Rationale

The divestment would allow ING Groep to focus on its core business like retirement services, life insurance, and investment management.

(c) 2001-2007 Datamonitor. All rights reserved. Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Datamonitor shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon.