ING in exclusive discussions to buy a controlling stake in Landmark Investment Management, Korea
Amsterdam.- 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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