ING to acquire Dutch pension services company
Amsterdam, 9 January 2007 - ING Group announced today that it has signed a letter of intent to acquire AZL, an independent Dutch provider of pension fund management services, for an amount of EUR 65 million.
The proposed acquisition of AZL will expand INGís pension fund management activities with a prominent provider of pension services including board advisory services, and actuarial services in combination with pension administration.
AZL manages approximately EUR 8 billion and 58 pension funds and other institutions that provide pension schemes for 455,000 people. The company employs 350 people.
Upon completion of the proposed acquisition, ING intends to combine its pension administration activities (currently under ING Pension Services) with AZLís. The joint pension activities will be operated under the AZL name.
The proposed transaction will have no material impact on the capital adequacy ratios of ING Group.
The acquisition is subject to applicable regulatory approvals and a positive advice from the respective works councils and is expected to be completed before the end of the second quarter of 2007.
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.
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