ING Direct 2011 Annual Report Download - page 170

Notes to the consolidated annual accounts of ING Group continued
Most significant companies disposed in 2010
Asia Private
Banking
business (3)
Swiss Private
Banking
business (3)
ING Summit
Industrial Fund LP Total
General
Primary line of business Bank Bank Bank
Sales proceeds
Cash proceeds (1) 985 345 333 1,663
Sales proceeds 985 345 333 1,663
Assets
Cash assets 4179 183
Investments 41 236 277
Loans and advances to customers 2,390 816 63,212
Amounts due from banks 1,171 1,177 39 2,387
Financial assets at fair value through profit and loss 397 8 405
Real estate investments 1,620 1,620
Miscellaneous other assets 20 46 57 123
Liabilities
Amounts due to banks 180 755 952 1,887
Customer deposits and other funds on deposit 3,098 1,382 4,480
Miscellaneous other liabilities 92 53 52 197
Net assets 653 272 718 1,643
% disposed 100% 100% 50% (4)
Net assets disposed 653 272 359 1,284
Gain/loss on disposal (2) 332 73 –26 379
(1) Cash outflow/inflow on group companies in the cash flow statement includes cash outflows/inflows on individually immaterial disposals in addition
to the cash flows presented.
(2) The gain/loss on disposal comprises the sales proceed, the net assets disposed, the expenses directly related to the disposal and the realisation
of unrealised reserves.
(3) As per 31December 2009 recognised as a disposal group held for sale.
(4) After disposal of the 50% stake ING has no remaining stake in Summit.
2009
Goodwill recognised in 2009 amounted to EUR 39 million as disclosed in Note 9 ‘Intangible assets’. This includes EUR 26 million in relation
to the consolidation of 3W Holding B.V as disclosed below. There were no significant acquisitions in 2009.
In August 2009 ING obtained control of its 50% owned joint venture 3W Holding B.V., a real estate development company. ING obtained
a majority representation in the Supervisory Board of 3W Holding B.V. and entered into an option agreement that allows ING to acquire
the remaining 50%. As a result of obtaining control, 3W Holding B.V. is fully included in the consolidation as of September 2009. Net
assets upon consolidation amounted to EUR –21 million. The estimated consideration payable for obtaining the remaining 50% under the
option agreement is approximately EUR 5 million. Therefore, goodwill of EUR 26 million is recognised. This goodwill is mainly attributable
to operational synergies arising from obtaining control of the professional network of 3W and the future business potential in the southern
Netherlands where 3W is active.
168 ING Group Annual Report 2011