ING closes acquisition of Turkish pension company Oyak Emeklilik
Amsterdam, ING announced today that it has closed the transaction to acquire Oyak Emeklilik. As previously announced on 17 June 2008, ING will acquire Turkey’s sixth largest pension company for a total cash consideration of EUR 110 million, entirely financed from existing internal resources.
Established in 2003, Oyak Emeklilik is a leading pension company in Turkey specifically established for manufacturing and distributing private pension plans. Oyak Emeklilik has over 150,000 customers and 150 employees. It distributes its products both through a network of independent agents and ING Bank Turkey (formerly Oyak Bank). Oyak Emeklilik will be integrated in ING Insurance Central Europe and re-branded under the ING brand in 2009.
ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of about 130,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.
Important legal information
Certain of the statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements due to, among other things, (i) general economic conditions, in particular economic conditions in ING’s core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates (viii) general competitive factors, (ix) changes in laws and regulations, (x) changes in the policies of governments and/or regulatory authorities, (XI) conclusions with regard to purchase accounting assumptions and methodologies, (XII) ING’s ability to achieve projected operational synergies. ING assumes no obligation to update any forward-looking information contained in this document.
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