ING Direct 2008 Annual Report Download - page 155

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Most significant companies disposed in 2007
Belgian Broker &
employee benefits ING Trust ING Regio B.V. Total
General
Primary line of business Insurance Bank Bank
Sales proceeds
Sales proceeds 777 25 51 853
Cash proceeds 777 25 51 853
Cash in company disposed 11 11
Cash inflow on disposal (1) 766 25 51 842
Assets
Cash assets 11 11
Investments 4,622 4,622
Loans and advances to customers 301 41,156 1,461
Financial assets at fair value through profit and loss 350 350
Miscellaneous other assets 463 10 110 583
Liabilities
Insurance and investment contracts 5,075 5,075
Customer deposits and other funds on deposit 2,052 2,052
Miscellaneous other liabilities 178 –4 – 811 –637
Net assets 494 18 25 537
% disposed 100% 100% 100%
Net assets disposed 494 18 25 537
Gain/loss on disposal (2) 418 726 451
(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.
Disposals effective in 2007
In June 2007, ING sold its investment in Nationale Borg, a specialist provider of guarantee insurance, to HAL Investments BV and Egeria.
In July 2007, ING sold ING Trust to management and Foreman Capital, an independent investment company based in the Netherlands.
The sale is part of ING’s strategy to focus on its investment, life insurance and retirement services.
In July 2007, ING sold its entire shareholding in ING Regio B.V., a subsidiary of Regio Bank N.V. to SNS REAAL for EUR 50.5 million,
resulting in a gain of EUR 26 million. This entity conducts most of the business of Regio Bank. The legal entity Regio Bank N.V. itself was
not part of the transaction.
In September 2007, ING sold its Belgian broker and employee benefits insurance business to P&V Verzekeringen for EUR 777 million,
resulting in a gain of EUR 418 million.
153
ING Group Annual Report 2008