ING Direct 2002 Annual Report Download - page 65

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CHANGES IN THE COMPOSITION OF THE GROUP
In 2002, ING Group acquired a 49% stake in Sul América, a leading insurance company in Brazil thus
strengthening the existing partnership. As a result of the transaction ING’s total investment in Sul
América consists of EUR 188 million in cash, plus its 49% stake in SulAet (a joint venture formed in
1997) as well as the combined asset management operations (ING Investment Management Brazil).
The goodwill amounted to EUR 245 million and is charged to Shareholders’ equity. The interest in Sul
América is included as a participating interest.
In 2002, ING Group increased its 49% stake in DiBa to a 70% interest by acquiring a further share
participation in DiBa from BGAG, the investment company of a number of German trade unions. ING
Group has an option to acquire the remaining 30%. The figures of DiBa are fully consolidated
without deduction of a third-party interest. The total purchase price of the additional acquisition
amounted to EUR 573 million. The goodwill amounted to EUR 532 million and is charged to
Shareholders’ equity.
In 2002, ING Group and ANZ, one of Australia’s major banks, have formed a funds management and
life insurance joint venture called ING Australia. The company is 51%-owned by ING and 49%-owned
by ANZ. As part of the transaction, the new joint venture acquired net assets from ANZ. This resulted
in goodwill of EUR 169 million that is charged to Shareholders’ equity. Furthermore, ING Group
contributed net assets to the new joint venture, which resulted in a net result of EUR 469 million.
From this amount, EUR 247 million has been used for financing acquisitions and has therefore been
accounted for as non-operational profit. The remainder of EUR 222 million has been recorded as
operational profit.
In 2002, ING Group closed the purchase of an additional 24% stake in ING Vysya Bank in India
increasing its interest to 44%. The total purchase price of the additional acquisition amounted to
EUR 73 million. The goodwill amounted to EUR 55 million and is charged to Shareholders’ equity. As
ING Group currently enjoys management control, ING Vysya Bank has been consolidated.
In 2002, ING Group acquired the Dutch car lease company Toplease. The total purchase price of the
acquisition amounted to EUR 111 million. The goodwill amounted to EUR 70 million and is charged
to Shareholders’ equity.
Annual Report 2002 · ING Group62
Financial information