ING Direct 2011 Annual Report Download - page 169

Notes to the consolidated annual accounts of ING Group continued
Acquisitions effective in 2010
There were no significant acquisitions in 2010.
Disposals effective in 2010
In October 2009 ING reached an agreement to sell its Asian Private Banking business for a consideration of USD 1,463 million (EUR 985
million). The Asia franchise offers private banking services in 11 markets, including Hong Kong, the Philippines and Singapore. The transaction
generated a net profit for ING of EUR 332 million. The sale was completed in the first half of 2010. The Asian Private Banking business was
previously included in the segment Retail Asia.
In October 2009 ING reached an agreement to sell its Swiss Private Banking business to Julius Baer for a consideration of EUR 345 million
(CHF 520 million) in cash. The transaction generated a net profit for ING of EUR 73 million. The sale was completed in January 2010. The
Swiss Private Banking business was previously included in the segment Retail CE.
In August 2010 ING announced that it has agreed to sell its 50% stake in ING Summit Industrial Fund LP (‘Summit’), a Canadian light
industrial property portfolio to a joint venture between KingSett Capital and Alberta Investment Management Corporation (AIMCo).
Thesale was completed in November 2010. The transaction value for 100% of Summit is CAD 2.0 billion (EUR 1.4 billion) and includes
assumed debt. In addition to its direct investment in Summit, ING has an indirect participation through its 7.8% unit holding of ING
Industrial Fund (IIF), an ING-managed listed property fund in Australia which owns the remaining 50% in Summit. As part of the
transaction, IIF has agreed to simultaneously sell its stake in Summit to KingSett/AIMCo. Consequently, ING’s indirect participation in
Summit will end as well. Separately, ING sold ING Real Estate Canada, the manager of Summit, to KingSett/AIMCo for an undisclosed
amount. The transaction had no material impact on ING Group’s 2010 results and capital ratios. The transaction resulted in a net loss
ofEUR 26 million in 2010. Summit was previously included in the segment ING Real Estate.
Furthermore there were some disposals that did not have a significant impact on ING’s balance sheet and profit and loss account. In November
2009 ING reached an agreement to sell three of its United States independent retail broker-dealer units to Lightyear Capital LLC for a total
consideration of EUR 96 million. 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 supporting those broker dealers, which collectively do business as ING Advisors
Network. The sale was completed in February 2010. The three United States independent retail broker-dealer units were previously included
inthe segment Insurance US.
In December 2009 ING reached an agreement to sell the non-life insurance operations in Greece for a total consideration of EUR 4 million.
The sale was completed in July 2010.
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
167ING Group Annual Report 2011