ING completes the sale of its stake in ING Canada

Thu. February 19, 2009; Posted: 03:41 PM

Feb 19, 2009 (Hugin via COMTEX) -- IGCDF | Quote | Chart | News | PowerRating -- ING Group announced today that it has completed the sale of its 70% stake in ING Canada via a private placement and a concurrent "bought deal" public offering. ING no longer owns an interest in ING Canada, the largest provider of property & casualty insurance products and services in Canada.

On 4 February, ING announced it had entered into agreements to sell 36.18 million common shares of ING Canada through a private placement, and an additional 47.76 million common shares of ING Canada through a concurrent "bought deal" public offering in Canada. Gross proceeds from the private placement and the additional "bought deal" of ING's entire stake in ING Canada are CAD 2,163 million. As a result of these transactions the debt/equity ratio of ING Insurance will decline by more than 400 basis points. The transactions will be booked in the first quarter of 2009.

The secondary offering was led by CIBC World Markets Inc. and TD Securities Inc., and included a syndicate of underwriters. CIBC World Markets Inc., and Goldman, Sachs & Co., acted as agents in connection with the private placement.

ING remains active in Canada through its subsidiary ING DIRECT Canada, which is not impacted by these transactions.

Press enquiries Raymond Vermeulen ING Group +31 20 541 5682 raymond.vermeulen@ing.com

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

SOURCE: ING Group

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