Amsterdam - 2 January 2007
ING Group announced today that it completed the sale of Degussa Bank, a unit of ING-DiBa specialising in worksite banking for private customers, on 31 December 2006.
The sale - to a group consisting of private bank MM Warburg & Co and various private investors - was announced on 27 November.
For ING Group, the transaction will result in a net accounting loss of about EUR 15 million. The transaction will free up about EUR 120 million in Tier-1 capital and result in an increase of 4 basis points in the Tier-1 ratio of ING Bank NV.
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ING is a global financial institution of Dutch origin 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 115,000 people, ING comprises a broad spectrum of
prominent companies that increasingly serve their clients under the ING brand.
