ING Direct 2011 Annual Report Download - page 167

Notes to the consolidated annual accounts of ING Group continued
30 COMPANIES ACQUIRED AND COMPANIES DISPOSED
Acquisitions effective in 2011
There were no significant acquisitions in 2011.
Disposals effective in 2011
Pacific Antai Life Insurance Company Ltd.
In June 2011 ING had completed the sale of its entire stake in China’s Pacific Antai Life Insurance Company Ltd. (PALIC) to China
Construction Bank for a consideration of EUR 82 million, and a net profit of EUR 28 million. 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 was previously included in the segment Insurance
Asia/Pacific. The deal had been announced in 2009 and was presented as held for sale since 2009 until the sale was completed.
ING REIM Europe, ING REIM Asia and Clarion Real Estate Securities (CRES)
ING announced in February 2011 that it has reached agreement with CB Richard Ellis Group, Inc., to sell ING REIM Europe, ING REIM Asia
and Clarion Real Estate Securities (CRES), ING REIM’s US-based manager of listed real estate securities, as well as part of ING’s equity
interests in funds managed by these businesses.
In July 2011 ING announced the completion of the sale of Clarion Real Estate Securities (CRES) to CB Richard Ellis. The sale resulted in a net
gain on divestment of EUR 182 million. CRES was previously included in the segment ING Real Estate.
In October 2011 ING announced that it had completed the sale of REIM’s Asian and European operations to US-based CBRE Group Inc.,
thereby completing the divestment of ING REIM. The divestment of ING REIM has resulted in an after-tax gain on disposal of approximately
EUR 245 million. As a result of the agreement at closing ING continues to have certain contingent income and expenses, however no
significant impact on the result on divestment is expected. REIM’s Asian and European operations were previously included in the
segment ING Real Estate.
Clarion Partners
In June 2011 ING announced the completion of the sale of the private market real estate investment manager of its US operations, Clarion
Partners, to Clarion Partners management in partnership with Lightyear Capital LLC for USD 100 million. The sale resulted in a net gain on
divestment of EUR 39 million. Clarion Partners was previously included in the segment ING Real Estate.
ING Investment Management Australia
In October 2011 ING completed the sale of ING Investment Management (ING IM) Australia to UBS AG. ING IM Australia’s business
provided a number of investment strategies and products directly to the Australian institutional and wholesale markets. This transaction
supports ING’s objective to actively manage its capital and portfolio of businesses to ensure an attractive and coherent combination for
the announced divestment of its insurance and investment management activities. ING IM Australia was previously included in the
segment ING Investment Management.
Latin American pensions, life insurance and investment management operations
In December 2011 ING completed the sale of its Latin American pensions, life insurance and investment management operations for a total
consideration of EUR 2,637 million to Grupo de Inversiones Suramericana (‘GRUPOSURA’). The sale is the first major step in the divestment
of ING’s insurance and investment management activities. Under the terms of the agreement, ING received EUR 2,572 million in cash and
GRUPOSURA will assume EUR 65 million in debt. The sale resulted in a net profit of EUR 995 million. Included in the transaction are the
mandatory pension and voluntary savings businesses in Chile, Colombia, Mexico, Uruguay and ING’s 80% stake in AFP Integra S.A. in Peru;
the life insurance businesses in Chile and Peru; As part of this transaction ING sold its 33.7% stake in Peruvian InVita Seguros de Vida S.A.
to the Wiese Family, ING’s joint venture partner in InVita. The transaction also includes the local investment management capabilities in
these five countries. Not included in the transaction is ING’s 36% stake in the leading Brazilian insurer Sul America SA. ING’s Commercial
Banking activities in Mexico, Brazil and Argentina are not affected by the announcement. ING’s Mortgage and ING’s Leasing businesses in
Mexico are also not part of the transaction.
The Latin American pensions, life insurance and investment management operations were previously included in the segments Insurance
Latin America and ING Investment Management before they were classified as discontinued operations. The segment Insurance
Latin America has ceased to exist following this transaction as the majority of assets and liabilities have been sold. The net result
from discontinued operations is presented separately in the consolidated profit and loss account. Reference is made to Note 25
‘Discontinued operations’ for more detailed disclosures.
ING Car Lease
In September 2011 ING completed the sale of ING Car Lease to BMW Group fleet management division Alphabet for total proceeds
ofEUR 696 million and a net transaction result of EUR 347 million. ING Car Lease was previously partly included in both the Commercial
and Retail Banking segment.
1 Who we are 2 Report of the Executive Board 3 Corporate governance 4 Consolidated annual accounts 5 Parent company annual accounts 6 Other information 7 Additional information
165ING Group Annual Report 2011