ING closes sale of stake in Canadian subsidiary

Fri. February 20, 2009; Posted: 10:33 AM

Feb 20, 2009 (Datamonitor via COMTEX) -- IGCDF | Quote | Chart | News | PowerRating -- Netherlands-based ING Group has completed the sale of its 70% stake in ING Canada via a private placement and a concurrent bought deal public offering.

ING said that the group no longer owns an interest in ING Canada, which is a provider of property and casualty insurance products and services.

Earlier, ING has 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 C$2.16 billion.

The secondary offering was led by CIBC World Markets and TD Securities, and included a syndicate of underwriters. CIBC World Markets and Goldman, Sachs & Company 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, added ING.

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