ING to sell its interest in ING Vysya Life Insurance

2013-01-23 12:11:58 -

ING announced today it has agreed to sell its 26% interest in ING Vysya Life
Insurance Company Ltd. to its joint venture partner Exide Industries Ltd.

ING's exit from the Indian life insurance joint venture is part of the
previously announced intended divestment of ING's Asian Insurance and Investment
Management businesses. The process for the remaining businesses is on-going. Any
further announcements will be made if and when appropriate.

The transaction announced today is not expected to have a material impact on ING
Group results. Subject to regulatory approvals, the transaction is expected to
close in the first half of 2013. Today's agreement does not impact ING Vysya
Bank, a publicly listed Indian bank in which ING has a 44% stake, nor ING's fund
management business in the country.

ING Vysya Life Insurance has over a decade of experience serving more than one
million customers in over 200 cities in India. Headquartered in Bangalore, ING
Vysya Life Insurance distributes its products through more than 30,000 ING Life
Insurance Advisors, bancassurance partner ING Vysya Bank, Referral Partners,
Corporate Agents and Brokers.

Exide Industries is India's largest producer of automotive and industrial
batteries, with seven manufacturing plants strategically located across the
country. Exide Industries has been a shareholder of ING Vysya Life Insurance
since 2005.

Press enquiries Investor enquiries
Victorina de Boer   ING Group Investor Relations
+31 20 57 66373 +31 20 57 66396

ING is a global financial institution of Dutch origin, offering banking,
investments, life insurance and retirement services to meet the needs of a broad
customer base. Going forward, we will concentrate on our position as an
international retail, direct and commercial bank, while creating an optimal base
for an independent future for our insurance and investment management operations

Certain of the statements contained in this document are not historical facts,
including, without limitation, certain statements made of future expectations
and other forward-looking statements that are based on management's current
views and assumptions and involve known and unknown risks and uncertainties that
could cause actual results, performance or events to differ materially from
those expressed or implied in such statements. Actual results, performance or
events may differ materially from those in such statements due to, without
limitation: (1) changes in general economic conditions, in particular economic
conditions in ING's core markets, (2) changes in performance of financial
markets, including developing markets, (3) consequences of a potential (partial)
break-up of the euro, (4) the implementation of ING's restructuring plan to
separate banking and insurance operations, (5) changes in the availability of,
and costs associated with, sources of liquidity such as interbank funding, as
well as conditions in the credit markets generally, including changes in
borrower and counterparty creditworthiness, (6) the frequency and severity of
insured loss events, (7) changes affecting mortality and morbidity levels and
trends, (8) changes affecting persistency levels, (9) changes affecting interest
rate levels, (10) changes affecting currency exchange rates, (11) changes in
investor, customer and policyholder behaviour, (12) changes in general
competitive factors, (13) changes in laws and regulations, (14) changes in the
policies of governments and/or regulatory authorities, (15) conclusions with
regard to purchase accounting assumptions and methodologies, (16) changes in
ownership that could affect the future availability to us of net operating loss,
net capital and built-in loss carry forwards, (17) changes in credit-ratings,
(18) ING's ability to achieve projected operational synergies and (19) the other
risks and uncertainties detailed in the risk factors section contained in the
most recent annual report of ING Groep N.V.

Any forward-looking statements made by or on behalf of ING speak only as of the
date they are made, and, ING assumes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information or for
any other reason. This document does not constitute an offer to sell, or a
solicitation of an offer to buy, any securities.

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