Friday March 1,2013,
ING announced today that it has agreed to reduce its 36.5% stake in Sul América S.A. (SulAmérica) through a transaction with the Larragoiti Family, which is a majority shareholder and ING’s joint-venture partner in SulAmérica. Following the closing of the transaction, which also includes a share-swap, ING will hold a direct stake of just under 30% in SulAmérica, which is listed on the BM&FBovespa. The existing shareholders’ agreement with the Larragoiti Family will be terminated at closing, however, the shares comprising ING’s direct stake in SulAmérica have today been released from the restrictions of the shareholders’ agreement. The market value of the remaining 30% stake is approximately EUR 620 million based on the closing share price of 27 February 2013.