ING Direct 2009 Annual Report Download - page 161

2.1 Consolidated annual accounts
ING Group Annual Report 2009 159
Additional information to the consolidated balance sheet of ING Group (continued)
Acquisitions and disposals announced and occurring or expected to occur in 2010
In October 2009 ING reached an agreement to sell its Swiss Private Banking business to Julius Baer for a consideration of EUR 344 million
(CHF 520 million) in cash. The transaction generates a profit for ING of approximately EUR 70 million which will be recognised upon
completion in 2010. A tax benefit of EUR 83 million related to Private Banking Switzerland was recognised in 2009. At the closing date of
the sale of Private Banking Switzerland, ING announced a total gain of approximately EUR 150 million. The sale was completed in January
2010. The Swiss Private Banking business is included in the segment Retail Banking.
In October 2009 ING reached an agreement to sell its Asian Private Banking business for a consideration of USD 1,463 million
(approximately EUR 1,000 million). The Asia franchise offers private banking services in 11 markets, including Hong Kong, the Philippines
and Singapore. The transaction generates a profit for ING of approximately EUR 300 million. The sale was completed in January 2010.
The Asian Private Banking business is included in the segment Retail Banking.
In November 2009 ING reached an agreement to sell three of its US independent retail broker-dealer units, which comprise three-
quarters of ING Advisors Network, to Lightyear Capital LLC. The transaction concerns Financial Network Investment Corporation, based
in El Segundo, California., Multi-Financial Securities Corporation, based in Denver, Colorado., PrimeVest Financial Services, Inc., based in
St. Cloud, Minnesota, and ING Brokers Network LLC, the holding company and back-office shared services supporting those broker
dealers, which collectively do business as ING Advisors Network. The sale was completed in February 2010. The three US independent
retail broker-dealer units are included in the segment Insurance Americas.
In December 2009 ING announced it will sell its entire stake in China’s Pacific Antai Life Insurance Company Ltd. (PALIC) to China
Construction Bank. This is the outcome of a strategic review announced in April 2009 as part of ING’s Back to Basics program. The stake
in PALIC is included in the segment Insurance Asia/Pacific. The transaction is expected to be closed in the second half of 2010.
All the above described disposals will be deconsolidated in 2010 when ING loses control. They qualify as disposal groups held for sale at
31 December 2009 as ING expects to recover the carrying amount principally through the sale transactions. They are available for sale in
their immediate condition subject to terms that are usual and customary for sales of such assets and the sales are highly probable.