ING Group announced today that it has completed the sale of its 83.7% stake in Deutsche Hypothekenbank AG, a publicly listed mortgage bank in Germany, as part of ING's strategy to focus on its core business.
The sale - to a group of banks and investors comprised of BHF-Bank AG, M.M. Warburg & CO, Peter Döhle Schiffahrts-KG and Josef H. Boquoi Familienstiftung - was originally announced on 10 August 2006.
For ING, the transaction is expected to result in a net loss of about EUR 83 million, to be booked in the third quarter. The sale will reduce the risk-weighted assets at ING's banking business by EUR 9.8 billion and free up more than EUR 600 million in Tier-1 capital, or the equivalent of about 17 basis points on the Tier-1 ratio of ING Bank NV.
The sale has no impact on ING's other banking activities in Germany, which include ING Bank Deutschland AG and ING-DiBa.
|
Press enquiries:
Dorothy Hillenius, ING Group +31 20 541 6522, dorothy.hillenius@ing.com |
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 more than 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.
