ING Direct 2009 Annual Report Download - page 163

2.1 Consolidated annual accounts
ING Group Annual Report 2009 161
Additional information to the consolidated balance sheet of ING Group (continued)
Acquisitions effective in 2008
In December 2008, ING acquired 100% of the voluntary pension fund Oyak Emeklilik for a total consideration of EUR 110 million.
Goodwill of EUR 69 million was recognised on the acquisition and is mainly attributable to the operational synergies and the future
business potential resulting from the acquisition.
In August 2008, ING acquired approximately 97% of Interhyp AG, Germany’s largest independent residential mortgage distributor for a
total consideration of EUR 418 million. Goodwill of EUR 371 million was recognised on the acquisition and is mainly attributable to the
future potential for enhancing ING’s distribution platforms in Europe resulting from the acquisition.
In July 2008, ING acquired 100% of CitiStreet, a leading retirement plan and benefit service and administration organisation in the US
defined contribution marketplace for a total consideration of EUR 578 million. Goodwill of EUR 462 million was recognised on the
acquisition and is mainly attributable to the operational synergies and the future business potential resulting from the acquisition, making
ING one of the largest defined contribution businesses in the US.
In January 2008, ING closed the final transaction to acquire 100% of Banco Santander’s Latin American pension and annuity businesses
through the acquisition of the pension business in Chile. See Acquisitions effective in 2007 in this note for full details of the entire deal.