ING completes AZL acquisition
ING announced today the Completion of Acquisition of AZL, a Dutch provider of pension fund management services.
AZL will continue to operate under its current name as an independent subsidiary of ING.
The combined strength of ING and AZL will allow the company to expand its position as a high profile player in the Dutch market for fiduciary and advisory pension fund services, actuarial services and pension administration. ING will integrate its pension administration activities (currently under ING Pension Services) in the AZL business.
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.
As announced on 6 January, 2007 the transaction has no material impact on the capital adequacy ratios of ING Group.
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