ING Group (ING) today announced that it has agreed to enter into a period of exclusive negotiations with Morgan Stanley Private Equity Asia (Morgan Stanley) in relation to the proposed purchase of Morgan Stanley's 87.6% stake by ING in Landmark Investment Management Co., Ltd. (Landmark).
Landmark is the 12th largest asset manager in Korea with KRW9 trillion (approximately EUR 7.2 billion) in assets under management as of 31 March 2007.
Any agreement between ING and Morgan Stanley would be subject to the completion of documentation and all relevant internal and regulatory approvals.
ING expects to make a further announcement by 30 June 2007.
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Press enquiries:
Debbie Brand, ING Group +31 20 541 6526, debbie.brand@ing.com
Karen Williams, ING Asia/Pacific +852 3762 8236, karen.williams@ap.ing.com
Tony Wong, ING Asia/Pacific +852 3762 8292, tony.wong@ap.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 in excess of 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
